EURAUD Bullish long-term. Bearish below 1D MA200.

The EURUAD pair made a big bullish break-out in late December as it broke above the Bearish Megaphone structure that it has bene trading in since late 2020. The past 3 weeks however have been marked by a retrace, even below the 1D MA50 (blue trend-line) which was the Support before.

Potentially a new Channel Up may be dictating the new bullish trend and that was the formation of the new Higher Lows, so as long as it holds, we are bullish targeting 1.6000 and then 1.62350 (bottom of the long-term Resistance Zone).

We will open long-term sells only if the price breaks below the 1D MA200 (orange trend-line). In that case, 1.4800 will be the first target.


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