EURAUD: Possibilities on a well known pattern.
The EURAUD pair is on a breadih 1D technical outlook (RSI = 41.370, MACD = -0.007, ADX = 32.977) as the price remains under the 1D MA100 after breaking the bottom of the dotted Channel Up on Friday.
If it doesn't cross above the LH trendline (notice the similar pattern in the previous correction waves), it will likely test the 1D MA200 and S1, which can match the bottom of a diverging Channel Up. If it holds, the target will be the R1 level (TP = 1.70650) as in the event of a LH breakout. A closing under the dashed line (bottom of diverging Channel Up), will be a bearish signal targeting the previous Support (TP = 1.58500).
If on any given time the 1D MACD makes a Bullish Cross, consider it an additional buy signal.
Prior idea:
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If it doesn't cross above the LH trendline (notice the similar pattern in the previous correction waves), it will likely test the 1D MA200 and S1, which can match the bottom of a diverging Channel Up. If it holds, the target will be the R1 level (TP = 1.70650) as in the event of a LH breakout. A closing under the dashed line (bottom of diverging Channel Up), will be a bearish signal targeting the previous Support (TP = 1.58500).
If on any given time the 1D MACD makes a Bullish Cross, consider it an additional buy signal.
Prior idea:
## If you like our free content follow our profile to get more daily ideas. ##
## Comments and likes are greatly appreciated. ##
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Account RECOVERY services.
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