I will go straight to the point to state my view on EURAUD. A THREAD BELOW.
Note
On the daily timeframe, price is currently at support. Bounced the first time on the region and came back to retest. Before then, as at December 2020, it’s clearly shown that it was still on its bull run. If that support is broken, I have marked out the next regions price might go to test.
Note
Moving to the 4 hour timeframe, market has been down trending. Another thing you can sight is that there is a potential double bottom forming and remember that area was also a good support area on the daily timeframe. Does it mean that price will break out from the channel and continue its bull run? Let’s have a close look at instances that might happen on the 1 hour timeframe.
Note
The first case scenario is that price might break out of that trend resistance and the zone seen accompanied by a slight pull back then we look for entries to long the market.
Note
The second scenario is that the resistance is that area might reject price which would mean price coming back to the test the support region below which it might hold or breakout signaling that it might be the right time to short the market.
Disclaimer: This is not financial advice. This content is just for educational/entertainment purposes only. Do well to drop your comments and contributions on this too. Trade safely.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.