EURAUD on a resistance test 🦐
On the 4-hour chart of EURAUD, we can see that the price has been in a descending trend until it tested the weekly support level. After hitting this level, the price started to move in a potential bullish direction with a series of equal highs and higher lows. This is a good sign of a potential trend reversal.
The price is currently trading below the resistance level at 1.56200, which has acted as a strong barrier for the past few days. If the price manages to break above this resistance level, it could be a signal of a potential long order. The next resistance level to watch out for would be around 1.57000.
Therefore, based on the current price action and technical analysis, we can consider a long order if the price breaks above the resistance level at 1.5620o and the MTB strategy will be satisfied. However, it's important to keep an eye on the price action and adjust the trading strategy accordingly as the market can be unpredictable.
The price is currently trading below the resistance level at 1.56200, which has acted as a strong barrier for the past few days. If the price manages to break above this resistance level, it could be a signal of a potential long order. The next resistance level to watch out for would be around 1.57000.
Therefore, based on the current price action and technical analysis, we can consider a long order if the price breaks above the resistance level at 1.5620o and the MTB strategy will be satisfied. However, it's important to keep an eye on the price action and adjust the trading strategy accordingly as the market can be unpredictable.
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