👑 EURAUD PRICE ACTION TRADING V-BOTTOM

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Hello Traders! We have identified a potential trading opportunity on EURAUD, where a V-Bottom pattern has formed, indicating a possible bullish scenario.


EURAUD chart has formed a V-Bottom pattern, which typically follows a rapid decline in price followed by a quick upward move.
The current price is near the breakout level at 1.65828.

For Long Position.
Consider initiating a long position if the price breaks out above the level of 1.65828 with confidence and a surge in volume, validating a potential bullish scenario.

Place a stop loss at 1.65023 after a clear breakout.

Target Zone 1:
62% of the V-Bottom pattern's range at 1.67446.
79% of the V-Bottom pattern's range at 1.67888.

Target Zone 2:
127% of the V-Bottom pattern's range at 1.69162.
162% of the V-Bottom pattern's range at 1.70076.



Ensure that the price breaks out above 1.65828 with confidence and a volume surge for pattern confirmation.
Risk Management: Set a stop loss at 1.65023 to manage risk effectively.


If you find this idea beneficial, please leave a comment and follow for more great setups!

TCPLTP

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