EURAUD trendline breakout | Up to 1.1%
Updated
EURAUD
Timeframe: 1 Hr
Short Day Trading Position
Initial Take Profit : 1.602 (to the nearest Higher Low)
TP2: 1.595 (Second Higher Low)
SL: 1.62 (Breaking the structure)
The pair is in an upward trendline since the beginning of the week. It broke the small trendline on the 30 minutes timeframe, then broke the 1 hour trend, and it is showing a potential downside movement back to the heads of the trend. Traders should be cautious and monitor key levels of support and resistance , as well as any further bearish signals that may confirm this potential move.
I would be grateful to get your feedback for this idea if you have any opinion to share.
✽↝✔
Esteem your Analysis and seek improvements ⌁
AbdullahTech ♾
Timeframe: 1 Hr
Short Day Trading Position
Initial Take Profit : 1.602 (to the nearest Higher Low)
TP2: 1.595 (Second Higher Low)
SL: 1.62 (Breaking the structure)
The pair is in an upward trendline since the beginning of the week. It broke the small trendline on the 30 minutes timeframe, then broke the 1 hour trend, and it is showing a potential downside movement back to the heads of the trend. Traders should be cautious and monitor key levels of support and resistance , as well as any further bearish signals that may confirm this potential move.
I would be grateful to get your feedback for this idea if you have any opinion to share.
✽↝✔
Esteem your Analysis and seek improvements ⌁
AbdullahTech ♾
Note
Bounced back to the opening point, but I see it starting again to the same targetTrade closed manually
After analysing pivot points, it seems that pivot point is at 1.60570, which is where it bounced back from. Therefore, I decided to leave this trade as it might go higher.Note
After a long horizontal price channel, the price is back to the opening point, and the possibility to reach 1.60250 is high.
AbdullahTech
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.