EURAUD, reaction on M-resistance with D-confirm
EURAUD - We have a nice rising W-trend that has been testing, reacting to a fairly strong M-resistance line.
We have had 4 hits to the resistance so far, and still not a real break trough, which might suggest it needs power from a stronger support bank (blue weekly S&R on chart). We have a nice head & shoulders formed along with lower tops on RSI as signs for bearish W-move.
Daily chart gives us a first confirmation on closing below 1.5195x, which is below a horizontal resistance line, AND, 2 daily trendlines. First move towards strong D-S&R at 1.5027x is a fact, this is our first TP.
2Nd move will probably need some more power to break trough the 1.5027x supportline, which it will probably get from the D1-trendline(s). If it goes trough, it is extremely likely to go to the bank of W-S&R. There is not much resistance in between there, + it has the support of the strong M resistance backed up with some D trendlinepower.
Our 2nd TP is at the top of this bank.
Entry: 1.51958 (potential re-entry at a 1.5195x retrace, or on a confirmed break below 1.5027x)
TP1: 1.50274
TP2: 1.45317
UPDATE 26/03: First TP hit and candle is breaking the 1.5027x barrier.
If you're looking for a re-entry:
Still waiting the actual close but I'll probably suggest taking a small retrace as entrypoint.
In this case I suggest SL on 1.51958, TP1 on 1.47837 and TP2 on 1.45317.
If you want to play it safe: watch H1 for optional retrace point and confirmation.
Update 28/04: Heads up - I'm out of the trade entirely, the candle on 23/04 was the deconfirmcandle.
I stepped out on the close on 1.48708. Price could still go down, but we'll need more information.
We have had 4 hits to the resistance so far, and still not a real break trough, which might suggest it needs power from a stronger support bank (blue weekly S&R on chart). We have a nice head & shoulders formed along with lower tops on RSI as signs for bearish W-move.
Daily chart gives us a first confirmation on closing below 1.5195x, which is below a horizontal resistance line, AND, 2 daily trendlines. First move towards strong D-S&R at 1.5027x is a fact, this is our first TP.
2Nd move will probably need some more power to break trough the 1.5027x supportline, which it will probably get from the D1-trendline(s). If it goes trough, it is extremely likely to go to the bank of W-S&R. There is not much resistance in between there, + it has the support of the strong M resistance backed up with some D trendlinepower.
Our 2nd TP is at the top of this bank.
Entry: 1.51958 (potential re-entry at a 1.5195x retrace, or on a confirmed break below 1.5027x)
TP1: 1.50274
TP2: 1.45317
UPDATE 26/03: First TP hit and candle is breaking the 1.5027x barrier.
If you're looking for a re-entry:
Still waiting the actual close but I'll probably suggest taking a small retrace as entrypoint.
In this case I suggest SL on 1.51958, TP1 on 1.47837 and TP2 on 1.45317.
If you want to play it safe: watch H1 for optional retrace point and confirmation.
Update 28/04: Heads up - I'm out of the trade entirely, the candle on 23/04 was the deconfirmcandle.
I stepped out on the close on 1.48708. Price could still go down, but we'll need more information.
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