The EURAUD pair has just broken out of a parallel descending channel, signaling a potential trend reversal. After weeks of consolidation and lower lows, price has now breached key resistance at 1.7507 and is testing the 1.7565 level.
Key Observations:
Price broke above the upper boundary of the descending channel.
Previous resistance at 1.7507 is now acting as support.
Minor resistance is expected around 1.7734, where we could see some short-term consolidation or retest.
Bullish Targets:
1st Target: 1.7734 – Potential consolidation/retest area.
2nd Target: 1.7845 – Previous structure zone.
3rd Target: 1.7965 – Major resistance and psychological level.
Trade Idea (Not Financial Advice):
Watch for a retest of 1.7507-1.7565 as support.
A successful bounce from this zone may offer a solid long entry.
Stops could be considered below 1.7446 (support zone).
Like, Comment & Follow for real-time market updates, expert trade setups, and profitable strategies. Let’s win together!
Key Observations:
Price broke above the upper boundary of the descending channel.
Previous resistance at 1.7507 is now acting as support.
Minor resistance is expected around 1.7734, where we could see some short-term consolidation or retest.
Bullish Targets:
1st Target: 1.7734 – Potential consolidation/retest area.
2nd Target: 1.7845 – Previous structure zone.
3rd Target: 1.7965 – Major resistance and psychological level.
Trade Idea (Not Financial Advice):
Watch for a retest of 1.7507-1.7565 as support.
A successful bounce from this zone may offer a solid long entry.
Stops could be considered below 1.7446 (support zone).
Like, Comment & Follow for real-time market updates, expert trade setups, and profitable strategies. Let’s win together!
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.