I’m currently interpreting the recent price action on EURAUD as a classic five-wave decline, followed by a three-wave corrective structure, likely in the form of a Zigzag. Notably, this correction ended around the 50% Fibonacci retracement level, which adds credibility to the bearish setup.
Trading plan:
Short positions may be considered after a confirmed breakout below wave B at 1.78730, which would indicate the resumption of the downtrend.
However, if price continues to rise and breaks through 1.85568, this scenario becomes invalid, and bearish setups should be abandoned.
Always let the market confirm your bias.
Trading plan:
Short positions may be considered after a confirmed breakout below wave B at 1.78730, which would indicate the resumption of the downtrend.
However, if price continues to rise and breaks through 1.85568, this scenario becomes invalid, and bearish setups should be abandoned.
Always let the market confirm your bias.
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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.
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.