EURAUD: A great LONG Opportunity on this PULLBACK
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🟢Forex Pair:
EUR/AUD
⚪Technical Analysis:
In the weekly time frame, since the end of October 2020, the price has been moving with a strong downtrend and it has actually reached an interesting S/R zone at about 1.56500 that rejected the price many times in the past.
In the daily time frame, the price got a double rejection on the level at about 1.56000 and it's now approaching to reach the next resistance zone at about 1.58550.
In the h4 time frame, since the end of December 2020, the price has been following a strong descending channel, breaking through its dynamic resistance line just a couple of days ago. The next price action will be essential to understand the next market movement.
🔴Conclusion:
In my opinion, this is an interesting breakout that could be the beginning of a new trend.
I'm confident to see the price moving up trying to reach the target on the next resistance zone at about 1.58600, but I'll be waiting for a re-testing of its dynamic S/R line before to plan and eventually entry long on this trade.
Stay tuned for Updates and Trading Signals!
What's your opinion? Share your idea writing a comment!
⚠️Please note the views are not investment advice and should be used only for educational purposes⚠️
Trade Safe and Responsibly,
Gianni
🟢Forex Pair:
EUR/AUD
⚪Technical Analysis:
In the weekly time frame, since the end of October 2020, the price has been moving with a strong downtrend and it has actually reached an interesting S/R zone at about 1.56500 that rejected the price many times in the past.
In the daily time frame, the price got a double rejection on the level at about 1.56000 and it's now approaching to reach the next resistance zone at about 1.58550.
In the h4 time frame, since the end of December 2020, the price has been following a strong descending channel, breaking through its dynamic resistance line just a couple of days ago. The next price action will be essential to understand the next market movement.
🔴Conclusion:
In my opinion, this is an interesting breakout that could be the beginning of a new trend.
I'm confident to see the price moving up trying to reach the target on the next resistance zone at about 1.58600, but I'll be waiting for a re-testing of its dynamic S/R line before to plan and eventually entry long on this trade.
Stay tuned for Updates and Trading Signals!
What's your opinion? Share your idea writing a comment!
⚠️Please note the views are not investment advice and should be used only for educational purposes⚠️
Trade Safe and Responsibly,
Gianni
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