Hello Fellow Forex Traders, Here is a technical analysis of EURAUD for your consideration.
The recent price action of EURAUD indicates a potential continuation of the bullish trend as it has consistently rebounded from the EMA200 line. Moreover, we can observe the formation of a descending broadening wedge pattern, followed by a trendline breakout. This breakout suggests the likelihood of an upward movement soon. To further support this possibility, the MACD indicator has formed a golden cross, which typically signifies a bullish trend, indicating a potential upward movement toward the target area.
It is important to keep in mind that once the target/support area is reached, the roadmap provided may no longer be valid.
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"Disclaimer: This analysis is intended solely for educational purposes and should not be considered as a recommendation to take a long or short position on the FX:EURAUD currency pair."
Wishing you successful trading endeavors!
Trade active
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Confirmed Breakout of the Structure
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H4 Timeframe analysis: Still moves above the trendline and EMA200 Line. The outlook seems good!
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H4 Timeframe: Breakout of wedge pattern
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Yup forming another pattern
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Breakout of consolidation phase, Time to continue its advancing phase.
Trade closed: target reached
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Target 1 is finally reached the first target, Cheers :)