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AlkalineFX
Jul 18, 2022 9:00 AM

EURAUD: Selling Trap Zone ✅ Long

FX:EURAUD1D
Euro Fx/Australian DollarFXCM

Description

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Although we have broken out of a major trendline we cannot deny the fact that the main trend is bullish.

We may be luring in sellers here, only to bounce from the demand once the equal low liquidity has been cleared.

I will be looking to scale into buys with the members once we break below this minor support.

Until the main demand zone breaks, I have a bullish bias.

Let me know your thoughts in the comment section. 💬

Wave AnalysisTechnical IndicatorsChart PatternsEURAUDeuraudlongTrend Line BreakequallowssupportandresistancezonesliquidityDemand Zonesignalssignalservice
Comments
VasilyTrader
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Thank you for your analysis!
AlkalineFX
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@VasilyTrader, Thanks for your comment
Vibranium_Capital
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loving this one
AlkalineFX
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@Vibranium_Capital, Time to buy!
WolfBladeTrading
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Looks like it's going south!
We'll see what today closes with D candle, then open short position if below 1.47643.....
AlkalineFX
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@TheCrazyPipster, I like your view! All the best this week!
MichaelJason
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I’m ready to join the “long” battle with you!
AlkalineFX
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@MichaelJason, Patiently waiting!
WolfBladeTrading
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Please be mindful... all other EUR pairs are climbing due to Euro strength, and this pair barely wants to conform.... meaning if the Euro shows any more signs of weakness, EURAUD pair may dip lower, perhaps like Jul 4-Jul 7 candles. I'll wait for any move below support around ~1.47595 and enter short, but nonetheless, this consolidation needs to break at some point!
AlkalineFX
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@TheCrazyPipster, Very well said, I will take note.

Patiently waiting to see a breakout of this horrible range.
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