EURAUD- Can price hit the next major S/R zone-1.59000?
Updated
Upon analyzing higher timeframes such as weekly and daily we can confirm price is currently in a bearish market, making lower lows and lower highs. From a weekly timeframe it appears price failed to make a higher high in which resulted in bearish momentum.
Price has a chance of reaching our next major target marked at 1.59000; This is simply a projection based on higher timeframes.
It is important to analyze intraday timeframes such as 4H,1H to monitor price action to ensure price is maintaining the bearish structure.
I have also marked relevant S/R zones at 1.63000,1.62000 and 1.62500. Price has reacted around these areas so it is important to have them identified for future use.
Our goal will be to enter within intraday timeframes in order to enter a sell position as high as possible in order to avoid high drawdown. Remember; buy low and sell high.
Price has a chance of reaching our next major target marked at 1.59000; This is simply a projection based on higher timeframes.
It is important to analyze intraday timeframes such as 4H,1H to monitor price action to ensure price is maintaining the bearish structure.
I have also marked relevant S/R zones at 1.63000,1.62000 and 1.62500. Price has reacted around these areas so it is important to have them identified for future use.
Our goal will be to enter within intraday timeframes in order to enter a sell position as high as possible in order to avoid high drawdown. Remember; buy low and sell high.
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Price has had unfavorable volume and moving slow.
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