EURAUD (Daily) LONG IDEA: 500 PIPS on the SIDE TREND! (New)

FX:EURAUD   Euro / Australian Dollar

-Since the end of March 2020, the price started a really strong downtrend, breaking an important historical level.
The price bounced and retested the support level at about 1.60726 before starting a consolidation period.

-During the consolidation period, the price kept itself around the EMA 50, bouncing more times on the support zone .

-The 17th of September, a strong momentum move the market up, reaching and bouncing on the weekly resistance level .

-The price failed the retest of the resistance (sing of weakness), inverting the trend until it reached again the support zone (this level rejected the price several times, is clearly a strong zone to keep always in you mind!).

The market is actually moving in a sidetrend, it just bounced again on a really strong support level .
The volatility and the market strenght are increasing, this let me thing about an upcoming strong movement.
I DON'T suggest to get any position right now, instead I definitely suggest to wait a breakout of the daily support level at about 1.64000 and eventually entry long during a pullback on the same level.
It could be a really great opportunity to get a trade up to 500 pips!

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The market has hit this support level many many times and now it is about time to break it and continue south. The majority of traders here have learned their lesson, just like you before they were predicting the 1.68, but now the highest they will predict is 1.64. You're obviously new to EURAUD suggesting 1.68, soon you'll learn your lesson too. By the way, if we are to wait for the price to reach 1.64 which is almost 400 pips from the current price then what is the point entering Long. The AUD is much stronger than the EUR, going Long might work for a short time, but going to 1.68 absolutely no way, not in the near future.
+1 Reply
FXtrades-gp Helena_FX
@Helena_FX, Hi and thanks for your comment! I got a mistake when I published my EURAUD analysis on TredingView, I actually realized that I forgot to share my H4 time frame analysis where I explain my point of view about the price reaching the level at 1.64.
This daily analysis would be a general view about a secondary opportunity according with my analysis. I'm really sorry for this mistake! :)
By the way, I'm glad about your interesting suggestion and concrete answer!
+1 Reply
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