EURAUD Daily S/R| 200 MA| Swing High| Declining Volume
Evening Traders,
Today’s Second Analysis – EURUAD- impulse sell into a high timeframe structure, finding support here is probable.
Points to consider,
- Impulse Price Action
- Daily S/R Support
- .382 Fibonacci Resistance
- Oscillators Extended
- Declining Volume
EURAUD’s immediate price action is impulsive, oversold conditions are likely to lead to an oversold bounce.
The Daily S/R is a key area in confluence with the 200 MA and the .618 Fibonacci, a respect upon first attempt here is highly probable.
The .382 Fibonacci is likely to be back tested as this level coincides with the Local S/R and 21 MA.
Both oscillators are getting overextended, this is indicative of an oversold bounce being probable. A volume influx is likely to coincide as the current volume profile is declining.
Overall, in my opinion, EURAUD is a valid long with defined risk; price action is to be used upon discretion/ management of trade.
Hope this analysis helps
Thank you for following my work!
And remember,
“You have power over how you'll respond to uncertainty.”
― Yvan Byeajee
Today’s Second Analysis – EURUAD- impulse sell into a high timeframe structure, finding support here is probable.
Points to consider,
- Impulse Price Action
- Daily S/R Support
- .382 Fibonacci Resistance
- Oscillators Extended
- Declining Volume
EURAUD’s immediate price action is impulsive, oversold conditions are likely to lead to an oversold bounce.
The Daily S/R is a key area in confluence with the 200 MA and the .618 Fibonacci, a respect upon first attempt here is highly probable.
The .382 Fibonacci is likely to be back tested as this level coincides with the Local S/R and 21 MA.
Both oscillators are getting overextended, this is indicative of an oversold bounce being probable. A volume influx is likely to coincide as the current volume profile is declining.
Overall, in my opinion, EURAUD is a valid long with defined risk; price action is to be used upon discretion/ management of trade.
Hope this analysis helps
Thank you for following my work!
And remember,
“You have power over how you'll respond to uncertainty.”
― Yvan Byeajee