EURAUD: A new BULLISH Impulse?

FX:EURAUD   Euro / Australian Dollar
Hi traders and welcome to my channel, if you enjoy my FREE Technical Analysis📈 and Trading Tips📉, support the idea hitting the LIKE👍 button and don't forget to SUBSCRIBE✔️ my channel, you won't miss anything!

🟢Forex Pair:

Technical Analysis:
Since the end of December 2020, the price has been moving with a strong bearish impulse, reaching and bouncing few times on the main support level at about 1.56000.
The price created an interesting possible double bottom pattern on the level, starting a new ascending channel on the 27th of January 2021.
It is currently re-testing a S/R zone at about 1.58300, moving very close to its dynamic support line and the next price action around that zone will be essential to understand the next market movement.

If you wish to have a quick look on my previous EURAUD analysis, you could click the link below 👇

The price was following a clear downtrend and a double bottom pattern in this specific circumstance could be an interesting sign of market reversal.
I can see the market moving with a nice uptrend and I'm confident to see it bouncing on the current S/R level before moving up with a new bullish impulse.
I'll definitely keep this market in my watchlist and I'll be waiting a proper rejection before entering long in this trade.

Stay tuned for Updates and Trading Signals!
What's your opinion? Share your idea writing a comment!

⚠️Please note the views are not investment advice and should be used only for educational purposes⚠️

Trade Safe and Responsibly,

Related Ideas


Interesting work! thank you for sharing
+1 Reply
@abel11 you’re more than welcome Abel 🙏 thanks for ur feedback
always on point ;)
+1 Reply
FXtrades-gp TheSignalyst
@TheSignalyst, I'm so glad to hear that Rich!
good job here and thanks for sharing it
+1 Reply
FXtrades-gp MMBTtrader
@MMBTtrader, You're more than welcome !
Interesting chart! Thanks for sharing 🤩
+1 Reply
FXtrades-gp Mahtab_Tradia
@Mahtab_Tradia, you're welcome Mahtab, hopefully you enjoy that :)
Home Stock Screener Forex Screener Crypto Screener Economic Calendar About Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter
Profile Profile Settings Account and Billing Referred friends Coins My Support Tickets Help Center Private Messages Chat Sign Out