Price in EURAUD
is moving in a corrective structure since end of August. It's now testing a key support level
(long term support trendline
, bottom channel trenline), where we can see a bullish butterfly
pattern having formed. In addition looking to the RSI
it's clear that we have a bullish divergence
, something that adds to our decision to go long. Overall trend is an uptrend.
I suggest entering with two positions. If price reaches the first target we should move stoploss of the second to breakeven.
Long term support trendline:
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