Hi Traders! We have EURAUD buy opportunity inside daily channel. A detailed analysis of this wonderful buy setup is as follows:
EURAUD Daily Chart:
On the daily chart the price is moving inside a bullish channel. This channel is formed by the price reaching parallel support and resistance zones. The price is respecting these two zones so far. Currently the price has reached the bottom of this bullish channel and if we didn’t get a valid breakout at the bottom, we may then expect a bullish reversal to happen from here and the price to move higher. We may look for more confirmations on lower timeframes in order to join the bulls.
Note: As long as the channel is going to hold, we can look for bounces and buy setups here.
Invalidation: If the price breaks below the bottom of this channel then this setup is invalidated (false breaks are acceptable).
EURAUD H4 Chart:
On the H4 chart the price which is moving lower has created a perfect downtrend line and the price is respecting this trend line so far. We already had a false break and also a potential divergence is forming which we may consider as evidences of bullish pressure. Once a bullish reversal happens wait for the price to break above the downtrend line first and then we may look for buys until price reaches the top of the daily bullish channel.
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