EURAUD Technical Analysis and Trade Idea

The EURAUD is currently exhibiting a bullish bias with increasing momentum. On the 4-hour timeframe, a retracement has brought the pair to a key support level, potentially presenting a trade opportunity at the Fibonacci 61.8 retracement. It's crucial to note, however, that the pair is currently somewhat extended, leaving the possibility of further downside before establishing a firm footing.

In the video, I analyze two potential trade scenarios: one for the 4-hour timeframe and another for the daily timeframe. While I believe these strategies merit consideration, please remember that this information is intended for educational purposes only and should not be construed as financial advice. It's essential to conduct your own due diligence before taking any trading positions.

Trade closed: target reached: