PriceActionTrading
Short

EURAUD IN A TIGHT SPOT RIGHT NOW.

FX:EURAUD   Euro Fx/Australian Dollar
153 7 6
SEE CHART. PRETTY MUCH SELF EXPLANATORY.
D1 DID FORM A VERY VERY BEARISH HAMMER , SORTA LIKE THOR'S HAMMER .
MAKING PRICES IMMOVABLE UPWARDS.

BUT ANYWAYS, OBSERVE PRICE TO SEE WHICH SIDE BREAK.
THOR'S HAMMER SHOULD HOLD.

D1 SHOWING THE MAGNIFICENT THOR'S HAMMER
snapshot
Last H4 closed with a Doji. Invalidation of that doji could fortify the thor's hammer's bearish sentiment.
I will not be recommending a long but trade with caution.
Looking to sell EURUSD H4.
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I think it'll break up.
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Yes it could too. It would have to overcome that hammer though, and it would be a outstanding performance once it does. Once it breaks above the wedge then i will look to sell. Probably next week.
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IvanLabrie PRO PriceActionTrading
I'm not into candlestick patterns, personally.
I see intense accumulation and accepted fair value moving higher.
In EW terms, I see an ending diagonal triangle completion and a very strong impulse up followed by a consolidation, hence a wave 1-2 move or A-B pending a C or a 3-4-5 wave next.
If it comes down, it won't produce a new low under that strong rally, and it'll be a nice buy the dip situation if I'm right.
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PriceActionTrading PriceActionTrading
But using EURUSD, i am thinking its more downside than upside. I am waiting to sell EURUSD on retest.
If retest becomes successful re entry back into wedge then EURAUD could break up as you mentioned.
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Thor's hammer, LOL. Good One price action :)
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If only the thor's hammer had dropped out of the wedge pattern, i am a sell. However, it did not.
Guess thor did not work out that much last week.
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