Hi Traders,
An update on EURAUD Today, I am looking at the daily price action and it seems to be clear as day for me, Price is currently breaking above resistance with strong momentum, This is good as it invalidates the Head and Shoulders pattern on the daily.
With that in mind, we can expect many new traders to have sold at the right shoulder of 1.49500. But as we can see price has now rocketed through this zone, I would like to see price come back for a retest of this level once again either tomorrow or later this week, We will have to see price firstly close above the resistance.
once the daily candle has closed, I will go down to the lower time frames once price has returned to the resistance, and find a suitable entry.
Wishing everyone a profitable week ahead.
Renaldo Philander
An update on EURAUD Today, I am looking at the daily price action and it seems to be clear as day for me, Price is currently breaking above resistance with strong momentum, This is good as it invalidates the Head and Shoulders pattern on the daily.
With that in mind, we can expect many new traders to have sold at the right shoulder of 1.49500. But as we can see price has now rocketed through this zone, I would like to see price come back for a retest of this level once again either tomorrow or later this week, We will have to see price firstly close above the resistance.
once the daily candle has closed, I will go down to the lower time frames once price has returned to the resistance, and find a suitable entry.
Wishing everyone a profitable week ahead.
Renaldo Philander
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