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Euraudtrade

EURAUD is approaching 61.8% fibo 200 Exponential moving averageEURAUD The recent covid developments has cause the euro rise on phenomenal range and the euro central bank also hint with further stimulus will be provided if needed.The euro recover plan has helped the risk assets to get some positive move. Broad weakness of USD is also a factor in rising of euro. At around 1.65500 minor psychological level the EURAUD got some rejection and felled towards 1.61500 which is around 350 pips move. Vaccine development news help the Aussie dollar to get some earlier loses against euro. Though the virus spread in Victoria state caused some further lockdown restrictions. Currently the price is trading below the 50% Fibonacci level. We can expect minor rebound towards 61.8% Fibonacci level coordinates with the crossing of trend line And 200 Exponential moving average 1.64000 is a low volume and major psychological level. Shorting at this would give us a good risk reward ratio. Primary target would be 1.60350,. Stop lose may place above 1.65000 level Please give us a thumbs up if u like our work and do follow us so that you can get a regular update about upcoming setups and ideas Disclaimer It’s not a financial advice. Do the analyze and take a decision.
Short
by forexorbit
Diagonal pattern and the probability of formation of an uptrend Dear traders In some charts and currencies, we cannot have an exact technical analysis, which might be due to a complex corrective wave. Diagnosis of these kinds of wave are very difficult and sometimes they are impossible to identify. In these cases, I am looking for patterns that are formed in the market, the most important of which are Diagonal and Triangle. Based on these patterns we are able to detect the correct trend for buying and selling. In the 240-minute chart, the uptrend which started in the range of 1.6120 has ended in the range of 1.6558 that was in the form of 5 waves. The corrective movement, which has been completed in the range of 1.61379, has been in the form of 3 waves. Wave C consists of the corrective movement of the Ending Diagonal pattern, which is shown in the 60-minute chart. In continuation the first 5 ascending waves that could cross through the end of the wave 4 are formed (1.6200) With the price crossing the 1.6200 range and reaching the 1.6326 range (the first 5 waves), the corrective movement started and in continuation, the uptrend has started in the 3rd wave, which can be extended up to the 1.6500 targets, which is the beginning of the Diagonal pattern. The point is, the currency’s long-term movement is mixed, but given this pattern, I can hope for the formation of a good uptrend to the range of 1.6500.
Long
by NirmataFX