On the EUR.AUD 4hr chart we have a potential long opportunity at the D leg completion of bullish Cypher setup.
The price reversal zone on this pair is between 1.3999 & 1.3940 The PRZ zone is only a guideline of where we will be paying attention for trade setups and opportunity's.
Potential targets for the Cypher setup placed at the .382% and .618% retracement of the C to D move. There is also opportunity to look for extended targets back into 1.4180 Stop loss would be placed below X leg structure support.
Target 1 - 1.4082 Target 2 - 1.4133
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Bullish RSI divergence has now formed.
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1hr Chart Outlook.
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Although we have a bullish pattern, I now have a pending order to short this pair.
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Target 1 and 2 would be attained if you entered at the D leg. I personally didn't take this position as I still have a pending order short.