EURAUD 🤖AI Landscape: Unveiling Potential Support & Resistance
Updated
EURAUD Landscape: Unveiling Potential Support and Resistance
Greetings, Esteemed Investors and TradingView Community,
As we delve into the intricacies of the EURAUD chart, we uncover intriguing trends and patterns that may shape its future trajectory. Today, we'll explore the insights gleaned from Support Vector Machines (SVM), a powerful machine learning algorithm that can decipher support and resistance levels.
SVM has identified the blue zone, a potential support area, anchored by significant daily closes on September 29th and November 3rd. This zone has been instrumental in buoying the EUR against the AUD, propelling its price upwards.
While the EUR experienced a continuous rally until encountering the purple falling trendline last week, this formidable barrier forced it to retreat to the support level established on October 20th. However, the combined strength of the September 29th rally and the subsequent surge on November 3rd could potentially break through this resistance trendline.
Extrapolating from the EUR's performance last week, we anticipate a continued upward movement. However, a correction is not out of the question, and its timing could significantly impact future outcomes.
If the EUR successfully breaches the resistance trendline, any subsequent pullback will not negate the overall bullish trend, and we will consider adjusting our targets upwards. Conversely, a reversal from the current support level would cast doubt on the bullish trend, prompting us to reevaluate our strategy and consider local trends between September 29th and today.
Consolidations often precede bearish market reversals. In such a scenario, we would contemplate opening a short position.
Currently, our long position initiated within the support zone boasts an attractive risk-reward ratio of 11.
Please remember that this is not investment advice, and we strongly encourage you to conduct thorough research and consult with financial professionals before making any trading decisions.
With gratitude,
Ely
Greetings, Esteemed Investors and TradingView Community,
As we delve into the intricacies of the EURAUD chart, we uncover intriguing trends and patterns that may shape its future trajectory. Today, we'll explore the insights gleaned from Support Vector Machines (SVM), a powerful machine learning algorithm that can decipher support and resistance levels.
SVM has identified the blue zone, a potential support area, anchored by significant daily closes on September 29th and November 3rd. This zone has been instrumental in buoying the EUR against the AUD, propelling its price upwards.
While the EUR experienced a continuous rally until encountering the purple falling trendline last week, this formidable barrier forced it to retreat to the support level established on October 20th. However, the combined strength of the September 29th rally and the subsequent surge on November 3rd could potentially break through this resistance trendline.
Extrapolating from the EUR's performance last week, we anticipate a continued upward movement. However, a correction is not out of the question, and its timing could significantly impact future outcomes.
If the EUR successfully breaches the resistance trendline, any subsequent pullback will not negate the overall bullish trend, and we will consider adjusting our targets upwards. Conversely, a reversal from the current support level would cast doubt on the bullish trend, prompting us to reevaluate our strategy and consider local trends between September 29th and today.
Consolidations often precede bearish market reversals. In such a scenario, we would contemplate opening a short position.
Currently, our long position initiated within the support zone boasts an attractive risk-reward ratio of 11.
Please remember that this is not investment advice, and we strongly encourage you to conduct thorough research and consult with financial professionals before making any trading decisions.
With gratitude,
Ely
Note
AI believes EUR to be overbought. We might see a retracement before any further pumps. I'd set my trail profit if I haven't already. The time might be near to take at least some profit from your long.Note
The retracement might be close to ending. It is uncertain whether it is a downward correction within an upward trend or the beginning of a new downward trend. If a new downward trend is in progress, the price has the potential to decline further. However, I have not yet detected any conclusive bearish trend signals.Note
The current price is hovering near the entry point of the bullish forecast. During the previous pullback, the EUR had the opportunity to accumulate additional demand. If the EUR successfully utilizes this accumulated demand at this juncture, it could embark on a trajectory aligned with the long-term forecast, as indicated by the blue arrow.
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.