Currency: EUR/AUD
Trend Expected Direction: Flat
Method: Ichimoku, Technical Analysis
Description: EUR/AUD formed a shooting star formation on the 4hour chart after it failed to break above a strong resistance at 1.2125. This level also coincides with the 38.2% fibo level (based on the bearish run from 1.3020 to 1.1604. In addition, currently the pair is inside the kumo (cloud) which is limiting the upside momentum. 1h and 30m charts turned bearish, supporting the shooting start.
Recommendation: Short
Target Area: 1.2000 & 1.1960
Stop-Loss: 1.2130
