EUR/AUD 3 POSSIBLE SCENARIOS.
1. Continuation of the bigger W: Gives opportunity for a long after retesting neckline.
2/3: Continuation inside of both channels. Which gives opportunity to a breakout either to the upside or downside.
Upside bias because of the strong support that has still held it's ground and uptrend of EURO.
Target will be upper side of the...
Normally don't post this but:
Currently opened a position. Let's see how it goes.
Very good risk to reward. Even though I'm not fully confident on a long, I opened one because of the R:R.
Good luck!
EUR/AUD has hit the 0.382 retracement nicely and is now showing possibility for a long entry. The 0.382 aligns with a strong support.
We have to wait for the next 4h candle to close.
If it doesn't break the 0.382, a long with good risk to reward is possible.
If it breaks, a short would be possible but I do not care for shorting as the EUR/AUD is in an uptrend....
EURAUD seems to have hit the .382 retracement nicely. If it doesn't break the channel I expect it to retest and break the 0.382 and head towards the 0.5. Though be careful as AUD still has bullish strength to it.