📈💰 "EURAUD Analysis: Channel Breakout Potential?" 📈🔍
🔍 Let's analyze and review this popular forex pair together, and also revisit our previous analysis.
📊 In the higher timeframes, this pair, like the rest of the market, is ranging. Currently, it is fluctuating between the boxes of 1.69901 and 1.58888, which is logical given the current policies.
📝 In the previous analysis, it was mentioned that after a candle closed below 1.65154, you could open a short position, albeit riskily, to avoid missing out if the 1.64590 support had a sharp move due to news or events. However, the price never closed below this line.
📉 Now, let's move on to the current chart analysis and potential entry points.
📉 In the four-hour timeframe, we are in a descending channel, recording lower highs and lower lows each time. Generally, channels make it difficult for breakout traders, but there are still some notable observations within this channel:
📈 After finding support for the first time at the 1.62283 line and moving towards 1.63795, we had a pullback to the middle line of the channel, then moved back towards the channel ceiling. After the correction, we were supported again by the middle line and did not reach the channel floor. This indicates that sellers lacked the strength to push towards the channel bottom, or buyers did not allow this move.
🔻 For a short position, if we get rejected from the top of the box, we can open a short position after breaking the 1.62283 support line and aim for the channel floor or the 1.61320 support line.
🔍 Regarding the 1.61320 line, I initially considered moving this line to 1.62283, but then realized we didn't actually reach support, and the pause at 1.62283 was due to hitting the middle line of the channel.
📈 For a long position, we will wait for the channel ceiling to break and the 1.63795 trigger to confirm. However, if we continue the downward trend within this channel, we will create a new trigger in the future. For example, if we reach 1.61320 and move up from there, our trigger will be after breaking the channel and confirming 1.62283.
📅 Today is the last trading day of the week. I hope you have made good profits this week. After a two-day rest, be ready to start the new week and benefit from this analysis. Additionally, I suggest refraining from trading today and not taking any actions on settlement day.
📊 Upcoming supports: 1.61320, 1.59813; Upcoming resistances: 1.63795, 1.64881, 1.66164.
😊 If you'd like me to analyze a specific coin or currency pair, be sure to comment so that I can allocate the next analysis for you!
⚠️ Also, please remember that I'm just an analyst, and this isn't financial advice. We're here to stay in the market and maximize profits by adhering to risk and capital management principles.
📊 In the higher timeframes, this pair, like the rest of the market, is ranging. Currently, it is fluctuating between the boxes of 1.69901 and 1.58888, which is logical given the current policies.
📝 In the previous analysis, it was mentioned that after a candle closed below 1.65154, you could open a short position, albeit riskily, to avoid missing out if the 1.64590 support had a sharp move due to news or events. However, the price never closed below this line.
📉 Now, let's move on to the current chart analysis and potential entry points.
📉 In the four-hour timeframe, we are in a descending channel, recording lower highs and lower lows each time. Generally, channels make it difficult for breakout traders, but there are still some notable observations within this channel:
📈 After finding support for the first time at the 1.62283 line and moving towards 1.63795, we had a pullback to the middle line of the channel, then moved back towards the channel ceiling. After the correction, we were supported again by the middle line and did not reach the channel floor. This indicates that sellers lacked the strength to push towards the channel bottom, or buyers did not allow this move.
🔻 For a short position, if we get rejected from the top of the box, we can open a short position after breaking the 1.62283 support line and aim for the channel floor or the 1.61320 support line.
🔍 Regarding the 1.61320 line, I initially considered moving this line to 1.62283, but then realized we didn't actually reach support, and the pause at 1.62283 was due to hitting the middle line of the channel.
📈 For a long position, we will wait for the channel ceiling to break and the 1.63795 trigger to confirm. However, if we continue the downward trend within this channel, we will create a new trigger in the future. For example, if we reach 1.61320 and move up from there, our trigger will be after breaking the channel and confirming 1.62283.
📅 Today is the last trading day of the week. I hope you have made good profits this week. After a two-day rest, be ready to start the new week and benefit from this analysis. Additionally, I suggest refraining from trading today and not taking any actions on settlement day.
📊 Upcoming supports: 1.61320, 1.59813; Upcoming resistances: 1.63795, 1.64881, 1.66164.
😊 If you'd like me to analyze a specific coin or currency pair, be sure to comment so that I can allocate the next analysis for you!
⚠️ Also, please remember that I'm just an analyst, and this isn't financial advice. We're here to stay in the market and maximize profits by adhering to risk and capital management principles.
