EUR/AUD Hat 14 June

14 ביוני 2021

EURAUD

-110 day overall bullish trend
-Blue down trend is higher timeframe down trend
-Broke through 1.56838 on 18 may, 26 days ago
-3rd bottom on 1.56828 area
-Fixed Range Volume Profile gives no major insights
-RSI & Stoch gives no major insights
-Volume is steady
-Currently minor downtrend

Possibility for bearish move to 1.56000-1.56500 area due to minor white line downtrend shown.
Possible bullish bounce from 1.56838 support area (previously resistance for wedge pattern).

Overall-
Would not sell in this situation because the major trend is bullish . Risk manage by not opening trades with low RR ratio; wait for a break of the minor white trend line on 4H to confirm upward pressure. If there is a break below 1.56838 and 1.56600 it may be eligible to consider a short-term short position - then watch ~30 Min chart for entry