FXtrades-gp

EURAUD: A new BULLISH Impulse?

Long
FX:EURAUD   Euro / Australian Dollar
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🟢Forex Pair:
EUR/AUD

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 👇

🔴Conclusion:
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,
Gianni

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Comments

Interesting work! thank you for sharing
+1 Reply
@abel11 you’re more than welcome Abel 🙏 thanks for ur feedback
Reply
always on point ;)
+1 Reply
FXtrades-gp TheSignalyst
@TheSignalyst, I'm so glad to hear that Rich!
Reply
good job here and thanks for sharing it
+1 Reply
FXtrades-gp MMBTtrader
@MMBTtrader, You're more than welcome !
Reply
Interesting chart! Thanks for sharing 🤩
+1 Reply
FXtrades-gp Mahtab_Tradia
@Mahtab_Tradia, you're welcome Mahtab, hopefully you enjoy that :)
Reply
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