EURAUD buy setup is forming in the shorter term which i’m following for an entry. See my plan and analysis below:
EURAUD D1 Chart
There is bullish divergence forming on Daily chart already. The bullish pressure is there. However keep in mind we might see price dropping to 1.4140 or even down to 1.3880 if the current support doesn’t hold.
Scenario 1
Bullish divergence is already present. If that turns out to be a false break, as price is currently sitting on a very strong support level, and we see a break above the last high (green dotten line), I will be looking for pullbacks and then long the pair.
Set your stop loss below the last low.
cenario 2
If the pair breaks down last low and the support, creating a new low we could be looking for the exact same setup but with different levels.
EURAUD D1 Chart
There is bullish divergence forming on Daily chart already. The bullish pressure is there. However keep in mind we might see price dropping to 1.4140 or even down to 1.3880 if the current support doesn’t hold.
Scenario 1
Bullish divergence is already present. If that turns out to be a false break, as price is currently sitting on a very strong support level, and we see a break above the last high (green dotten line), I will be looking for pullbacks and then long the pair.
Set your stop loss below the last low.
cenario 2
If the pair breaks down last low and the support, creating a new low we could be looking for the exact same setup but with different levels.
