EURAUD renewed its floor as the bullish pattern failed.
It is currently below the daily bearish wave, but could rise above the daily supply zone as a 4-hour bullish pattern with a reversal structure has been created. Even if a retracement comes from here, if it is supported within the daily supply zone, it can be an impulse that breaks the daily downtrend. The problem will come back, but the best pattern is that the 4-hour rising wave does not break and continues to rise, but even if the 4-hour rising wave is broken, it should be propagated as a daily rising wave within the daily supply zone.
So far, the 4-hour uptrend of the reversal structure has been going strong, so it would be a good idea to look for a buy opportunity. The target is around the weekly supply zone.
If the 4-hour upward wave of the reversal structure does not last any longer, or if the propagation fails as a daily upward wave, it may come down near the blue support line below. There is a risk that the downtrend may continue.
It is currently below the daily bearish wave, but could rise above the daily supply zone as a 4-hour bullish pattern with a reversal structure has been created. Even if a retracement comes from here, if it is supported within the daily supply zone, it can be an impulse that breaks the daily downtrend. The problem will come back, but the best pattern is that the 4-hour rising wave does not break and continues to rise, but even if the 4-hour rising wave is broken, it should be propagated as a daily rising wave within the daily supply zone.
So far, the 4-hour uptrend of the reversal structure has been going strong, so it would be a good idea to look for a buy opportunity. The target is around the weekly supply zone.
If the 4-hour upward wave of the reversal structure does not last any longer, or if the propagation fails as a daily upward wave, it may come down near the blue support line below. There is a risk that the downtrend may continue.
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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.