Art_of_Trading
Long

EURAUD: Valid Cypher / Early Monday

FX_IDC:EURAUD   Euro / Australian Dollar
ON FX:EURAUD             , the price is in consolidation zone on 1H bars. There was a massive drop as it is indicated on last swing (D leg), but bulls power reduced significantly in the last hours, as there were small doji bars,which indicates indecision of the price, followed by the less powerful bullish bars. Thus, it is expected that the price will do its retracement soon; We can presume those or both 1) sellers are taking their profits, 2) New buyers are stepping in.

In addition to the price actions analysis, there is a valid Cypher pattern and its almost finished It increase the probability of this trade. This is a nice set-up to go Long. Less aggressive traders can wait little longer and wait for extra confirmation.
T1 - 38.2%
T2 - 61.8%
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