EURAUD Timeframe: 1 Hr Short Day Trading Position Initial Take Profit : 1.602 (to the nearest Higher Low) TP2: 1.595 (Second Higher Low) SL: 1.62 (Breaking the structure)
The pair is in an upward trendline since the beginning of the week. It broke the small trendline on the 30 minutes timeframe, then broke the 1 hour trend, and it is showing a potential downside movement back to the heads of the trend. Traders should be cautious and monitor key levels of support and resistance , as well as any further bearish signals that may confirm this potential move.
I would be grateful to get your feedback for this idea if you have any opinion to share. ✽↝✔ Esteem your Analysis and seek improvements ⌁ @AbdullahTech ♾
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Bounced back to the opening point, but I see it starting again to the same target
Trade closed manually
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After analysing pivot points, it seems that pivot point is at 1.60570, which is where it bounced back from. Therefore, I decided to leave this trade as it might go higher.
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After a long horizontal price channel, the price is back to the opening point, and the possibility to reach 1.60250 is high.