EURAUD confirming the 19 July downtrend
This is interesting. You can see a couple short trades I took on 12 Aug and 13 Aug, both failed. I was looking for a continuation of the downtrend that started on 19 July. However, a new resistance level developed 14 Aug at exactly the 0.618 retracement.
I added a channel to track the downward price movement as it heads to the bottom of the AB=CD pattern about 1.54932. I am thinking the opportunity is to trade between the channel top and bottom as it tracks downwards.
Please comment back if you see any value to this analysis or agree/disagee. Let me know your feedback.
I added a channel to track the downward price movement as it heads to the bottom of the AB=CD pattern about 1.54932. I am thinking the opportunity is to trade between the channel top and bottom as it tracks downwards.
Please comment back if you see any value to this analysis or agree/disagee. Let me know your feedback.
Note
It now looks like a reversal of trend, marked with the short red lines at the higher low and possible higher high. Looking for a reversal, 1.58197 is possible, marked with the "A".
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