EURAUD: How to Catch a Pullback Safely?
Updated
EURAUD is trading in a strong bearish trend since the end of August.
This week a strong key support level was reached.
To catch a pullback from that, monitor 4H time frame.
For now, the price is stuck within a falling parallel channel.
Your first condition will be a bullish breakout of its resistance.
Moreover, the price is currently forming an inverted h&s pattern.
1.547 - 1.55 is its neckline.
Your second condition will be its bullish breakout.
To catch a pullback safely you will need two breakouts:
of a falling resistance and of a neckline.
Then on a retest you can buy the pair.
Goals will be 1.5595 / 1.5705
In case of a new lower low formation the setup will be invalid.
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