Based on the chart outlook, We were able to count a complete double zig zag
Elliot wave corrective structure on EURAUD, this suggests that an impulse wave will resume in the bullish direction
so far the confirmation level is attained.
Pattern: Testing the 1D MA200 within the long term Channel Down.
Signal: Bearish as long as the 1D MA200 doesn't break.
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Most recent EURUSD signal:
Pattern: Channel Down on 4H.
Signal: Bearish as the price is close to the Lower High trend line of the pattern. The trend is bearish as long as the 4H MA50 is intact. If crossed, expect a test of the 4H MA200.
Target: 1.08050 (the inner Lower Low trend line).
My long term view and target on EURUSD:
Wait for Eurostoxx50 break out from the triangle.
Above there is a good selling zone to trade around 3250 area, where we can short to 2900.
Beyond the triangle, we have to wait for the retest of the trendline and short to 2600
Pattern: Multi year Channel Down
Signal: Bearish as the price is on the 2nd straight red 1D candle, having been rejected within the Lower High (Sell Zone) of the Channel Down.
Target: 1.0835 (0.618 Fibonacci retracement) and 1.07150 (just above the Buy Zone).
Here is a midterm plan for the EUR/AUD. If you want, you can place another target about 1.62 level however when it comes to midterm plans, EUR/AUD is likely to cross 1.62.
Follow to hear more.
Have a nice week!
Pattern: 1H Head and Shoulders.
Signal: Bearish as the price is testing the neckline's Resistance with pressure from the 1H MA50.
Target: 1.11055 (potential contact with the MA200) and 1.10750 (1H Support).
Pattern: Based on the 1W RSI, it is repeating a pattern seen in 2016/ 2017.
Signal: Bullish as the price appears to have made a bottom on the 69.800 Support.
Target: 73.500 and 77.300 (0.618 Fibonacci retracement) for longer term.