EURAUD: Sideways

Updated

After a significant spell of bearish trend the TREND LINE is finally broken quite convincingly. After a quick upbeat it is now going sideways playing around first support S1. I am waiting for a clean hourly closing above first resistance R1 with a new higher high which will be a smarter point of LONG entry.

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Given hourly closing above R1 but has to break R2 in order to make a new higher high.

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Even after a higher high we should wait for a higher low which is still lacking if this is a trend reversal from bearish to bullish. Only after that a BUY position is justified.

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Higher high made successfully on hourly closing. Now made evening star. Lets see

ifanwar

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