Euro continues to weaken against the Aussie dollar in 2024 as the EURAUD bears keep the current downtrend alive since August 2023.

Join me as I share my first analysis and trade plan for the EURAUD pair that is added to my long cross pair list.

There are no further high impact economic reports in Europe and Australia this Friday evening.

Assessing EURAUD’s high timeframe candles:

Monthly Candle: Previous close is a Red Body with a Longer Head Wick current is a Green Semi Gravestone Doji

Weekly Candle: Previous close is a Red Long-Legged Spinning Top with a Small Body current is a Green Long-Legged Semi Gravestone Doji

Daily Candle: Previous close is a Red Long Lower Shadow current is a Green Long-Legged Semi Doji

EURAUD is bearish since August 2023 and is yet to reverse this downtrend.

However, I’m seeing decent support levels residing at March and June 2023 lows.

These support levels can be a good target if we want to short EURAUD more.

To reverse the current downtrend, the bulls need to overcome and close above the 1.62 level which is impossible right now.

In today’s trade plan, I’m going to short EURAUD until the 1.5850 level is retested. This level will be my take profit target.

Will enter through the current 4H candle upon its rally attempt with a stop loss set strictly at the 1.62 level.

Note: Finlogix pricing is set from the ACY Securities price feed, with liquidity being sourced by top tier banks via ACY Connect.

All trade ideas I share are my own views and for my own trades only.