price dropped significantly last few days and it getting close to the major support level
at 1.5630. The price respected that level multiple times (green arrows) and it is more likely it will do it again. The sellers are going to lock their profits and buyers are going to step in, which will increase the price up.
Moreover, the EURAUD
formed a bat pattern
, which increases the probability of this trade. The price already touched 88.6 Fibonacci retracement
as an entry point to go long.
T1 – 38.2%
T2 – 61.8%