EURAUD (L) THOUGHTS
Updated
EURAUD at this point isn't presenting any clean set ups that fit my strategies, but here is how I'm reading the PA
Monthly: Rejecting support at 1.6100
Weekly: Not clean PA, price as been simply falling for about 2.5 months.
Daily: Very messy price action. Overall, price is sitting at a support level of 1.6250
Intradays: Price is in a bit f a triangle for half a month, many traders trying to go long on this pair probably have their stops bellow 1.624 intraday support. Price is currently sitting around these lows, but atm there are no signs that price is ready to move back up.
I favour a move to the upside on EA, but first we could see the intraday lows taken out bellow 1.624.
Let's wait and see what happens.
What are your thoughts? Comment bellow.
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** DISCLAIMER* The content on this analysis is subject to change at any time without notice and is provided for the sole purpose of assisting individuals to make independent trading decisions. Trading can be risky, make sure to use proper risk management!!
The analysis given out reflects my personal ideas and does not mean I personally take the trade, my preferred entry may never actually present itself.
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Monthly: Rejecting support at 1.6100
Weekly: Not clean PA, price as been simply falling for about 2.5 months.
Daily: Very messy price action. Overall, price is sitting at a support level of 1.6250
Intradays: Price is in a bit f a triangle for half a month, many traders trying to go long on this pair probably have their stops bellow 1.624 intraday support. Price is currently sitting around these lows, but atm there are no signs that price is ready to move back up.
I favour a move to the upside on EA, but first we could see the intraday lows taken out bellow 1.624.
Let's wait and see what happens.
What are your thoughts? Comment bellow.
___________________________________
** DISCLAIMER* The content on this analysis is subject to change at any time without notice and is provided for the sole purpose of assisting individuals to make independent trading decisions. Trading can be risky, make sure to use proper risk management!!
The analysis given out reflects my personal ideas and does not mean I personally take the trade, my preferred entry may never actually present itself.
___________________________________
Note
Note
This pair is very slow, and at this point just messy. Overall the bias is still playing out.We broke the 4 hr support of 1.6247, took out the lows and we're moving back into the 1 hr range. Though I see this moving up as highlighted in my charts, it doen't look clean to take an entry atm. Better setups out there.
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