Hi Traders! In EURAUD bullish continuation is expected. A detailed analysis of this buy opportunity is as follows:
EURAUD H4 Chart:
On the H4 chart we have a bullish hidden divergence that has formed which we may consider as an evidence of bullish pressure. Hence we may now look for more evidences of bullish pressure on lower timeframes in order to join the bulls.
EURAUD H1 Chart:
On the H1 chart we had a bullish divergence which we may consider as an evidence of bullish pressure. In addition to this the price has also broken above the downtrend line which we may consider as another evidence of bullish pressure. Currently it looks like a pullback is happening and until this breakout holds we may expect the price to move higher further.
EURAUD M15 Chart:
On M15 chart we have a critical zone that has formed. Currently the price is moving lower, we may now expect pullbacks to happen and the price to move lower towards this critical zone. Once the price reaches this zone, we may look for bullish evidences and then start looking for buys.
Note: It is always recommended to look for confirmations before you jump into any trade. If you are not sure about how to trade this buy setup then you can use any setup and strategy that you have in your arsenal to look for bullish moves and join this buy trade.
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