flynnsforex
Long

EURAUD potential long

FX:EURAUD   Euro Fx/Australian Dollar
14 0 1
After a false breakout of the weekly ascending trendline, price bounced off the 50% retracement and continued upward to create new highs. Now we are seeing yet another pullback. I am looking for a retracement to the 61.8 level highlighted in blue, which will also be another retest of the ascending trendline and a retest of the previously broken counter trendline. If price has a strong reaction to this level, it is very possible to see a retest of the current highs and potentially create new highs.

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