In the past year EURAUD has ranged within horizontal channel between 1.59 and 1.65 ........
Then the pandemic issued what looks to be a pump and dump ..... this is no ordinary trash .... these are major currency's.
Anyway , we are 41 bars from the swing low and there is alignment of all 4 short term Daily MAV's to the upside ...
It is a wait and see , if in the next few daily bars a break can be made of the horizontal resistance of 1.66.... and a continuing uptrend.
If so , then a bias to the long side would be formed and a trade could be suggested looking at the upside targets of 1.70 and 1.80
If price reverses and stays in the channel...... it is far less appealing to trade (and look elsewhere....)
Then the pandemic issued what looks to be a pump and dump ..... this is no ordinary trash .... these are major currency's.
Anyway , we are 41 bars from the swing low and there is alignment of all 4 short term Daily MAV's to the upside ...
It is a wait and see , if in the next few daily bars a break can be made of the horizontal resistance of 1.66.... and a continuing uptrend.
If so , then a bias to the long side would be formed and a trade could be suggested looking at the upside targets of 1.70 and 1.80
If price reverses and stays in the channel...... it is far less appealing to trade (and look elsewhere....)