EURAUD S/R Flip| .618 Fibonacci|Range Midpoint|Oversold Bounce
Evening Traders,
Today’s Analysis – EURAUD- impulse break through daily support, reclaiming the level. A retest of structure must hold for continuation.
Points to consider,
- Oversold bounce follow through
- Daily support (S/R Flip retest)
- Range Midpoint (Immediate target)
- RSI neutral
- Stochastics overextended
- Volume follow through
EURAUD’s oversold bounce had valid volume follow through; breaking back into key daily support, a retest needs to solidify the level.
The .618 Fibonacci as overthrow is in confluence with daily support, giving the level more significance upon a probable S/R Flip retest.
Immediate target for EURAUD is the range midpoint; taking out this level establishes a technical higher high.
The RSI is neutral whilst the stochastics has a valid sell cross. This signals a probable momentum shift aligning with the price action S/R Flip playing out.
In context, volume had follow through from oversold conditions, this shows immediate strength in price action, market is likely to trade higher.
Overall, in my opinion, the immediate trend is bullish as long as key levels hold. A long trade is valid upon the probable S/R Flip, risk needs to be defined. Price action must be backed with volume for continuation.
What are your thoughts?
Thank you for following my work!
And remember,
“He who knows when he can fight and when he cannot will be victorious.” – Sun Tzu
Today’s Analysis – EURAUD- impulse break through daily support, reclaiming the level. A retest of structure must hold for continuation.
Points to consider,
- Oversold bounce follow through
- Daily support (S/R Flip retest)
- Range Midpoint (Immediate target)
- RSI neutral
- Stochastics overextended
- Volume follow through
EURAUD’s oversold bounce had valid volume follow through; breaking back into key daily support, a retest needs to solidify the level.
The .618 Fibonacci as overthrow is in confluence with daily support, giving the level more significance upon a probable S/R Flip retest.
Immediate target for EURAUD is the range midpoint; taking out this level establishes a technical higher high.
The RSI is neutral whilst the stochastics has a valid sell cross. This signals a probable momentum shift aligning with the price action S/R Flip playing out.
In context, volume had follow through from oversold conditions, this shows immediate strength in price action, market is likely to trade higher.
Overall, in my opinion, the immediate trend is bullish as long as key levels hold. A long trade is valid upon the probable S/R Flip, risk needs to be defined. Price action must be backed with volume for continuation.
What are your thoughts?
Thank you for following my work!
And remember,
“He who knows when he can fight and when he cannot will be victorious.” – Sun Tzu
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