Market Overview:
The EUR/AUD 4-hour chart displays a downtrend followed by a consolidation phase at a critical support zone. The price is currently reacting within a demand area, indicating a potential bullish reversal.
Key Levels:
Support Zone: ~1.7050 - 1.7100 (Highlighted in dark grey)
Resistance Zone: ~1.7200 (Short-term)
Target Level: ~1.74217
Potential Trade Scenarios:
Bullish Scenario: If the price holds above the support zone, we could see a rebound towards 1.7200, with further continuation towards the 1.74217 target.
Retest and Breakout: A slight pullback into the support zone, followed by a breakout above 1.7200, could confirm a strong buying momentum.
Bearish Risk: A failure to hold above support may lead to further downside continuation.
Trade Plan:
Entry: Look for bullish confirmation in the demand zone.
Stop Loss: Below the support zone (~1.7050).
Take Profit: First at 1.7200, then 1.74217 for an extended move.
Bias: Bullish if support holds, bearish if price breaks below.
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.
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.