What's up everyone, here we have EUR/AUD with a bearish bat pattern on the 4h chart.
Excellent opportunity with almost a 1:4 risk to reward.
This is a re-post but I would like to highlight the importance of the resistance zones shown in grey.
The measurements for a valid bat pattern are detailed below.
B: 0.382 - 0.50
C: 0.382 - 0.886
D: 1.618 - 2.618
Final X to D: 0.886
Don't forget to follow me on social media :)
Excellent opportunity with almost a 1:4 risk to reward.
This is a re-post but I would like to highlight the importance of the resistance zones shown in grey.
The measurements for a valid bat pattern are detailed below.
B: 0.382 - 0.50
C: 0.382 - 0.886
D: 1.618 - 2.618
Final X to D: 0.886
Don't forget to follow me on social media :)
Trade active
Comment:
Remember we have the EUR interest rate statement in less than one hour, be careful trading any pairs including this currency.
Comment:
Just a quick update on my outlook for this currency pair, I see a move back down to the major support level below the 0.382 retracement level.
Once this happens we will analyse the pair further to validate a further decline to 0.618.
Once this happens we will analyse the pair further to validate a further decline to 0.618.
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