#EURAUD H&S pattern confirmation
Updated
Hello, traders. I hope you all had a great week.
Let's take a closer look at the EURAUD chart, which currently appears to be forming a reverse Head and Shoulders pattern.
One positive aspect of this chart pattern is that the price has formed it within a strong support zone, including the Daily Bullish trendline and the previous Daily market top, which is now acting as support for the price. You can observe both of these elements when you review the Daily time frame.
The presence of a bullish chart pattern around a significant low or support area certainly enhances the likelihood of the formation moving in the expected direction.
Now, to execute this trade, I would recommend patiently waiting for a retest of the broken neckline and then targeting the minimum one-to-one price target of the head and shoulders target. However, it might be a good strategy to consider taking partial profits along the way up.
Let's take a closer look at the EURAUD chart, which currently appears to be forming a reverse Head and Shoulders pattern.
One positive aspect of this chart pattern is that the price has formed it within a strong support zone, including the Daily Bullish trendline and the previous Daily market top, which is now acting as support for the price. You can observe both of these elements when you review the Daily time frame.
The presence of a bullish chart pattern around a significant low or support area certainly enhances the likelihood of the formation moving in the expected direction.
Now, to execute this trade, I would recommend patiently waiting for a retest of the broken neckline and then targeting the minimum one-to-one price target of the head and shoulders target. However, it might be a good strategy to consider taking partial profits along the way up.
Note
The price has finally reached an area where we are interested in looking for a long opportunity. As you can see, there is a reverse H&S formation, and the price has recently broken above the pattern's neckline. Currently, it is completing a pullback to the previously broken level.Please also take a look at my other posted ideas which I'm sure you are going to like it and share your thoughts and feedback with me. Thank you.
Note
The price has reached the higher time frame bullish trendline and rebounded from it. While there is a possibility of the price moving higher at this moment, we prefer to wait for another retest of the trendline. If you find this analysis enjoyable or helpful, please consider leaving a like and a comment.Trade active
As anticipated, the price revisited the bullish trendline, clearing out liquidity from below it, and ultimately failing to close below. It was at this point that we initiated our long position. We are now eagerly awaiting to observe how it progresses from this point onward. If you find this analysis enjoyable or helpful, please consider leaving a like and a comment.Trade active
price currently moving towards our first profit target. If you find this analysis helpful, please consider leaving a like and a comment or share your idea with me.Trade active
Our first target has been reached by the price. We have partially closed our position and are now monitoring the price to see if it can reach our final target. please consider taking a moment to leave a like, a comment, or share your own insights with me.
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