EURAUD trendline breakout | Up to 1.1%
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 ♾
Comment:
Bounced back to the opening point, but I see it starting again to the same target
Trade 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.
Comment:
After a long horizontal price channel, the price is back to the opening point, and the possibility to reach 1.60250 is high.
AbdullahTech
