EURAUD, My trade setup explained.
EURAUD is approaching an interesting area which could give us a high probability set up if given confirmation in the price action.
Daily time frame shows that the price is approaching the upper boundary of an falling expanding structure. After a period of consolidation within the last couple months, we had a push upwards which is now losing momentum and correctively moving up towards HTF boundary. If price gives us a strong reversal impulse, I would look for a sell entry on the next LTF correction with a swing target at 1.5270 range.
Now, if we don't see the bearish price action we need for this set up and price breaks out of the structure, I will be looking for another sell opportunity around the 1.6170 range.
Trade Safe
Thanks
Daily time frame shows that the price is approaching the upper boundary of an falling expanding structure. After a period of consolidation within the last couple months, we had a push upwards which is now losing momentum and correctively moving up towards HTF boundary. If price gives us a strong reversal impulse, I would look for a sell entry on the next LTF correction with a swing target at 1.5270 range.
Now, if we don't see the bearish price action we need for this set up and price breaks out of the structure, I will be looking for another sell opportunity around the 1.6170 range.
Trade Safe
Thanks
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