UPDATE: EURAUD Retest Trend Level...What shall we do for now?
From my previous analysis, I mentioned that we will be expecting a retest to the trend support level as it move back to trend. That is definitely what we saw. So what shall we do now? First, lets keep in mind that price level is within the support and resistance of a slow up trend. Logically speaking, a wiser option will be buying from trend support level as instead of selling from any level within the trend line. Having said that, trading the bulls in an uptrend increases the odds of our trade. Moving on to the technical analysis part for EURAUD:
Support and Resistance
We can see price level did test the trend support level yesterday and I strongly believe EURAUD will hold this trend support level and as of now do not see any reason for the breaking. However, having said that, we should always adapt to the price action. Lets say we happen to see a breakout from trend support, we can always wait for the retest before shorting. Since, we bought from the bottom, adapting at this scenerio will not occur us much losses.
Fibonacci Retracement
From FIbonacci outlook, not much to expect but a movement to 23.6 fib level also where the trend resistance is at. Further breakthrough will determine a continuation of the uptrend. Therefore, this is an important level for us to look.
Potential Formation
As of now im seeing a potential double bottom with a lower second head, showing us a potential BULLISH look for EURAUD. This is just a possible look im hoping to see.
Kindly hit the LIKE Button if you agree with my analysis and feel free to COMMENT your idea below. As for those who are keen to get daily updates and analysis from me feel free to FOLLOW me. Cheers and Happy Trading!!!
Support and Resistance
We can see price level did test the trend support level yesterday and I strongly believe EURAUD will hold this trend support level and as of now do not see any reason for the breaking. However, having said that, we should always adapt to the price action. Lets say we happen to see a breakout from trend support, we can always wait for the retest before shorting. Since, we bought from the bottom, adapting at this scenerio will not occur us much losses.
Fibonacci Retracement
From FIbonacci outlook, not much to expect but a movement to 23.6 fib level also where the trend resistance is at. Further breakthrough will determine a continuation of the uptrend. Therefore, this is an important level for us to look.
Potential Formation
As of now im seeing a potential double bottom with a lower second head, showing us a potential BULLISH look for EURAUD. This is just a possible look im hoping to see.
Kindly hit the LIKE Button if you agree with my analysis and feel free to COMMENT your idea below. As for those who are keen to get daily updates and analysis from me feel free to FOLLOW me. Cheers and Happy Trading!!!
