EUR/AUD: Trade ideas for Sep. 8
On the H1 chart the EURAUD is trying to form a lower low pattern, because this pair had a strong crashed from the level of 1.4085, which is near to the 200 EMA. If EURAUD manages to make a breakout at the support level of 1.3801, it would be expected to fall to 1.3660 level in the short term.
On the other hand, this pair could be a rebound in the current level for a retracement to the resistance level of 1.3943, where is located the 50.0 Fibo retracement level. For now, the bearish trend is very strong in the EURAUD, although it should be remembered that this pair is in oversold zone, since the RSI indicator is below the 30 level.
Trading recommendations: Put sell orders if the EURAUD does a breakout at the support level of 1.3801, with take profit at 1.3660.