A buy Signal came in on EURAUD.
After the strong trend to the downside we formed a consolidation on the H4. All happens within the Monthly/Weekly AND Daily Buy Zone that developed in the ranging market since June. D1 and W1 show higher lows. We closed above the created resistance at 1.62470. After the close above this price we wait for a retest of the w-formation structure support at 1.62100 before going to structure resistance at 1.64000. R:R = 1:2.5 with a stop below the lows.
After the strong trend to the downside we formed a consolidation on the H4. All happens within the Monthly/Weekly AND Daily Buy Zone that developed in the ranging market since June. D1 and W1 show higher lows. We closed above the created resistance at 1.62470. After the close above this price we wait for a retest of the w-formation structure support at 1.62100 before going to structure resistance at 1.64000. R:R = 1:2.5 with a stop below the lows.
Trade active:
We got the entry after 3 Trading days. So far we see some rejection from the recent support level at 1.61740. Stay tuned to see how this Forex Master Pattern works.