Hi all if you have been following EurAud with me from couple weeks ago we are still bearing price bearing on larger timeframes aswell we are waiting for a break of this current structure to short
Good luck all the best
Currently looking towards the upside as price had bounced off previous support after big drop down in the form on Descending channel
and price has broken bullishly out of that descending channel price currently correcting but correction could also be forming head and shoulders which is sign of reversal . and looking at corresponding EUR pairs most seem to be...
we can see a very long wick on H4 meant to stop hunt+ fomo buyers into buying but all of this is to make liquidity for a nice short
still very possible that price can break up but i will be looking to sell after current signs are presenting themselves
1: 3 touches of ascending reverse wedge
2: Big wick stop loss hunt + fomo buyers caught in trap
3: smaller tf...
we have now two touches of previous resistance level and a support level to work with we will wait for price to break below level in green and close on daily or 4h tf to enter this trade goodluck to all
From last week price broke out from wedge descending wedge formation. Now we see price at a previous resistance level approaching in the form of a ascending channel we have 2
bearish confluences 1: double top 2 : ascending channel if price can break to the downside we can see potential 200 pip movement
possible H&S Pattern formed need price to break close the neckline on the daily chart to enter if price doesnt not break neckline and bounces my view is still short but will be looking to the blue arrows until price break down
Goodluck to all
will be looking to enter a short swing trade if price can close past the 200 ema on the daily chart and will hold and add positions till target is met , possible double top presented itself on the weekly and monthly chart bearish signs