EURAUD Trading plan on a Channel Down and a 1D Death Cross.
The EURAUD pair has been trading within a Channel Down pattern since the August 17 2023 High. The price is now very close to the bottom (Lower Lows trend-line) of the pattern, which makes it a technical buy opportunity. As long as it is closing the 1D candle above the bottom, we will be bullish, targeting the top (Lower Highs trend-line) just above the 0.618 Fibonacci retracement level (as on October 23) at 1.66000.
Since however the price action just formed a 1D Death Cross today, it is equally likely to see a bearish extension so if it closes a 1D candle below the Channel Down, we will take the (minimum) loss and sell instead, targeting Support 1 at 1.58500.
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Since however the price action just formed a 1D Death Cross today, it is equally likely to see a bearish extension so if it closes a 1D candle below the Channel Down, we will take the (minimum) loss and sell instead, targeting Support 1 at 1.58500.
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** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. **
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