Hi Traders! EURAUD follow up and update of the Buy Opportunity is here. In the previous post here I mentioned that on the daily chart the price is moving inside a bullish channel. 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. Lets see how this setup has developed now.
EURAUD Daily Chart:
The bullish reversal that we were looking for didn’t happen yet and the price is still at the bottom of the range. Once a bullish reversal happens wait for the price to break above the H4 downtrend line first and then we may look for buys until price reaches the top of the bullish channel.
Invalidation: If the price breaks below the bottom of this channel then this setup is invalidated (false breaks are acceptable).
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