. There is a possibility of temporary retracement to suggested support line (1.6415). if so, traders can set orders based on Price Action and expect to reach short-term targets.
. EURAUD is in a range bound and the beginning of uptrend is expected.
.The price is above the 21-Day WEMA which acts as a dynamic support.
We are going down under. As you can see price is nearly at a key daily and monthly level and we can only see downside bearish movement IF price enters our resistance zone again... we will be waiting for price to enter this zone before taking a trade though... be patient and if price drops now from where it is before entering our zone and you miss the trade so...
After being stopped out at breakeven on my last EURUAD trade I am now looking for a second entry.
The bearish 4hr trendline has been broken and today a higher high was made on the 4hr. I am now looking for a long trade on the next higher low to take advantage of this new trend.
All analysis is marked on the chart and my entry is going to be around 1.57650 if...
There is no trend in the market and the price is in a range bound, but we forecast beginning of downtrend.
A peak is formed in daily chart at 1.6780 on 01/03/2019, so more losses to support(s) 1.5670, 1.5530, 1.5345 and more depths is expected.
Price is below WEMA21, if price rises more, this line can act as dynamic...
Currently entered into a short position on the the EURAUD. Confluences on the chart.
- Multiple 4hr wick rejections of monthly resistance
- 2 daily TF rejections (tweezer tops)
- Momentum slowing
- 4hr broken through lower trend line
Price has broke the descending triangle and now retesting the triangle also a continuation head and shoulders pattern with a nice bit of confluence of the neckline and 38.2% fib lining up.. 2 shooting star like candles showing price is getting rejected from higher levels but Fridays candle was pretty strong bullish candle so will wait to see how it plays out...