EURAUD LONG

M

Bullish was bearish beginning of 2024
but recently has recorrected into HH,HL

EMA Support, strong retest of M Supp
and rejected expect level to hold

W

Bullish W HL, EMA's acting as support along
with M Supp level.
Monthly support level was breached by 20pips to 1.6450

D

Bullish, price bounced of 0.50 Fib area
with a bullish engulfing candle. this retracement was a retest of Monthly Supp which price broke below 2-3 weeks back, although this area should have become a resistance it did not hold with price breaking above and giving us the current 0.50 Fib/ Monthly key level retest which is currently in play. From here I expect price to hold above this area and EMA's with a move for a HH to play out at Previous M Res @ 1.6700

Setup: 4hr can either wait for a further retest of lows or slight pull back and place buy stop as shown (however there has been a very strong retest already)

Trade active

Market opened price had a slight Gap down but failed to create a Double bottom near
38.2 Fib or close below 1hr EMA's

going down to lower timeframe (15min) Ema's have crossed to the upside

Note

Watching this area above 38.2 Fib was expecting a move bullish move but price has found short term restsistance at 1.6535, however this still looks good as stated I could wait for the slight retest of the lower prices which is happening at the 38.2 Fib area on 4hr chart still printing HL with an inverted hammer will be watching closely to the further P.A to the upside

MarlyForex1

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MarlyForex1