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EURAUD: The price is Confirming the DOUBLE BOTTOM Pattern

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

Technical Analysis:
Since the 2nd of February, the price has been following a strong downtrend, breaking through two S/R zones at about 1.57700 and 1.57000.
Few days ago, on the 8th of February, the price reached the main support at about 1.56000, re-testing the same zone twice, creating a possible double bottom pattern.
It is currently moving up trying to reach its next S/R zone at about 1.57000 and a clear pinbar on the main support could be a interesting sign of strong rejection.

🔴Conclusion:
I'm confident to see a bullish movement, considering its previous strong downtrend, I think it's time to get a correction and my target would be the S/R zone at about 1.57900, matching with the 0.61% of Fibonacci retracement .
I'll be waiting the breakout of the level 1.57000, confirming the validity of the pattern and only after this condition I'll plan my long position on 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

I entered my trades according to this pattern now am losing, and if it continues going down my account will blow
+3 Reply
@Foxxie Hi Foxxie, I’m really sorry to hear that, but your trade doesn’t match with my analysis , if you read the description (in a specific way the CONCLUSION section), I clearly said “If the price will break above the level 1.5700, then I’ll start planning my long position on this trade” .
The price started falling down on the level 1.56800, still far away from my perspective.

Gianni
+1 Reply
great technical setup mate
+2 Reply
FXtrades-gp Stargazer_fx
@Stargazer_fx thanks a lot 😊
Reply
Good Pattern !!!!
+2 Reply
@FOREXN1 cheers guys ! Let’s see the market then !
Reply
well done again Gianni ;)
+1 Reply
FXtrades-gp TheSignalyst
@TheSignalyst I’m glad to hear you Rich !
Reply
yeah , looks promising..

Thanks for sharing
+1 Reply
FXtrades-gp TRADiNG_hub
@TRADiNG_hub yup! Let’s see :) thanks for sharing your feedback
Reply