From the technical view:
1. From the Monthly perspective, the price reached the major demand area, so we can expect price will continue to push to the upside from the monthly point of view
2. From the Weekly perspective, same as the monthly, we can see that price currently inside the strong level of the support, thus we can expect more further upside from the weekly perspective.
3. From the Daily perspective, the price created an impulse to the upside followed by a correction and after the correction, we can expect a new impulse to the upside soon.
From the fundamental view:
1. Big players are quite bearish bias on both EUR and AUD
2. In the new report, net position is slightly increased from 188k to 165k on the EUR, and the long was added around 1.5k and short added 4.2k. but from the AUD perspective, more long and short are closed in the new report, so we can interpret that they are not interested in long and short on AUD. So strong EUR and weak AUD, EURAUD may move to the upside
How to approach EURAUD?
1.Going to the lower timeframe, and wait for market environment switch to the bullish market from the bearish market, after that you can be looking for potential long opportunity if your rules of the strategy are fulfilled.
2. Just long at the moment is not a good idea, because the lower timeframe still indicating bearish market, LH and LL still forming, price can easily move to the downside aggressively.
The result might not follow my analysis, this analysis is based on the TA & FA perspectives.
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