🔹 EURAUD Technical Analysis – Bullish Momentum Toward Key Resistance
▪️Trend Structure:
EURAUD is trading within a well-defined ascending parallel channel, indicating a bullish trend structure since mid-May.
▪️Key Zones:
▫️ Demand Zone: The recent bounce from the 1.7500-1.7590 demand zone has triggered renewed bullish momentum.
▫️ Resistance Zone: Price is approaching a major resistance area near 1.8000, which also aligns with the downward trendline, creating a critical confluence zone.
▪️Current Price Action:
Price is maintaining higher highs and higher lows, respecting the channel boundaries. The recent breakout above the mid-channel line further supports a bullish continuation.
▪️Outlook:
If bullish momentum sustains, EURAUD may test the 1.8000-1.8050 resistance area. However, rejection from this zone or a false breakout could trigger a pullback toward the 1.7700-1.7600 support region.
Bias:
📈 Bullish, unless price breaks and closes below the demand zone.
🔹Community Insight:
If you find this analysis helpful in your trading journey, feel free to share your thoughts or questions in the comments. Let’s work together to maintain a disciplined, technical approach to the markets.
▪️Follow for regular updates and trade setups.
▪️Trend Structure:
EURAUD is trading within a well-defined ascending parallel channel, indicating a bullish trend structure since mid-May.
▪️Key Zones:
▫️ Demand Zone: The recent bounce from the 1.7500-1.7590 demand zone has triggered renewed bullish momentum.
▫️ Resistance Zone: Price is approaching a major resistance area near 1.8000, which also aligns with the downward trendline, creating a critical confluence zone.
▪️Current Price Action:
Price is maintaining higher highs and higher lows, respecting the channel boundaries. The recent breakout above the mid-channel line further supports a bullish continuation.
▪️Outlook:
If bullish momentum sustains, EURAUD may test the 1.8000-1.8050 resistance area. However, rejection from this zone or a false breakout could trigger a pullback toward the 1.7700-1.7600 support region.
Bias:
📈 Bullish, unless price breaks and closes below the demand zone.
🔹Community Insight:
If you find this analysis helpful in your trading journey, feel free to share your thoughts or questions in the comments. Let’s work together to maintain a disciplined, technical approach to the markets.
▪️Follow for regular updates and trade setups.
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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.