Medium to Long Term:
EURAUD is currently trapped between two local demand and supply zones, making it a rather unattractive pair right now. However, EURAUD may simply be accumulating volume before a big move.
The local demand zone may hold, sending price above the local supply zone and above the resistive trendline. A break and retest would be ideal for opening a long position.
If the demand zone fails, another long opportunity may present itself at the strong support zone of 1.60700.
Short Term:
Bulls can look to enter a long position now, at the local demand zone, with a stop loss a few pips below the local demand zone. The first target would be the local supply zone and resistive trendline. Further targets can be placed based on a bullish break of the resistive trendline and local supply zone.
Be sure to follow me for more ideas analyses. Feel free to share your thoughts in the comments below.
Best of luck traders!
*THIS IS NOT INVESTMENT ADVICE AND IS NOT IN ANY WAY INTENDED TO BE SUCH. IT IS MERELY MY VIEWS ON THE MARKET AND IS FOR EDUCATIONAL PURPOSES ONLY. ANY POSITIONS OPENED ARE AT YOUR OWN DISCRETION AND AT YOUR OWN RISK*
EURAUD is currently trapped between two local demand and supply zones, making it a rather unattractive pair right now. However, EURAUD may simply be accumulating volume before a big move.
The local demand zone may hold, sending price above the local supply zone and above the resistive trendline. A break and retest would be ideal for opening a long position.
If the demand zone fails, another long opportunity may present itself at the strong support zone of 1.60700.
Short Term:
Bulls can look to enter a long position now, at the local demand zone, with a stop loss a few pips below the local demand zone. The first target would be the local supply zone and resistive trendline. Further targets can be placed based on a bullish break of the resistive trendline and local supply zone.
Be sure to follow me for more ideas analyses. Feel free to share your thoughts in the comments below.
Best of luck traders!
*THIS IS NOT INVESTMENT ADVICE AND IS NOT IN ANY WAY INTENDED TO BE SUCH. IT IS MERELY MY VIEWS ON THE MARKET AND IS FOR EDUCATIONAL PURPOSES ONLY. ANY POSITIONS OPENED ARE AT YOUR OWN DISCRETION AND AT YOUR OWN RISK*