Hi Traders! EURAUD forecast follow up and update is here. On June 22nd I shared this “Technical Analysis – EURAUD Forecast” post in our blog. In this post, let’s do a recap of this setup and see how it has developed now. If you would like to learn more about the way we trade and the technical analysis we use then check out the Traders Academy Club. Spoiler alert – free memberships are available!
My Idea
On the H4 chart, the price which is moving higher has created multiple false breaks with a bearish divergence between the first high that has formed at 1.58658 and the second high that has formed at 1.58712 which we may consider as evidences of bearish pressure. In my POV there are two possible scenarios from here, which are as follows:
Scenario 1
If the price moves lower and if we get a valid breakout below the low at 1.57929 we may then consider it as a validation for the bearish view, we may then expect the price to continue lower further.
Scenario 2
Alternatively if the price moves higher with momentum and if we get a valid breakout above the high at 1.58712, we may then consider it as a validation for the short term bullish view. We may then expect the price to move higher towards the weekly resistance zone.
On the H1 chart, the price action followed my analysis and moved as per scenario1. The validation for the bearish view which is a valid breakout below the low at 1.57929 happened as I expected it to. The price then provided a small pullback and then it moved lower and delivered around 90 pips move so far.
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Happy Trading!
Yordan Kuzmanov
Chief Trader at the Traders Academy Club
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