Since the end of December 2020, the price has been moving with a strong impulse, reaching and bouncing few times on the main at about 1.56000.
The price created an interesting possible pattern on the level, starting a new 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 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 before moving up with a new impulse.
I'll definitely keep this market in my watchlist and I'll be waiting a proper rejection before entering long in this trade.
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⚠️Please note the views are not investment advice and should be used only for educational purposes⚠️
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