We took profit on EURAUD at 1.488, with a net gain of 180pips. The entry was based on pin bar setup close to 1.47 level and the profit level was determined based on resistance level provided by the Fibonacci level 161.8.
Price is still moving in our favor. In fact, price has formed a bearish candlestick pattern in addition to our pin bar candlestick entry setup. Hence, it gives greater conviction that sell strength is currently in play. We have adjusted our stop loss level to break even and our exit is at 94.55.
Price is supported at fibonacci level with our stop loss at 1.635. Since EURAUD is moving higher, given that both EURAUD and EURNZD have high correlations, there is a high possibility to see EURNZD to move higher from this level too.
It seems like there is a strong resistance close to 124.38, as seen from the daily chart. In addition, price has recently formed a bearish engulfing at that level. Looking at 4h chart, we can also observe a pin bar bearish setup at 124 level. Hence, we are bearish bias for this pair. Our take profit level is currently at 121.5