FOLLOWUP STRUCTURE | EURAUD

We did enjoy a 270pips profit run in our last trade on this pair (see link below for reference purposes). Find in the description below plans for another trading opportunity building up;

Tendency: Temporary Uptrend ( Bullish )
Structure: "W" Pattern forming | Double Bottom
Observation: i. Price begins a downtrend (XA leg), stops, and then reverses impulse trend at support zone @ 1.60000.
ii. Reversal to the upside is short-term as price retraces at the neckline zone @ 1.64000 only to stop again at support zone @ 1.60000 and reverses upwards.
iii. Formation of a second bottom confirms the Double Bottom pattern tendencies.
iv. Potential reversal forms as price sit above Moving Averages.
Trading Plan: BUY now or at DEMAND zone with potential TP1, TP2 and TP3 (520pips) and SL @ 1.60000/1.58500 zone.
Risk/Reward: 1/3
Potential Duration: 2 to 6 days

** Please note that Stop Loss is subject to individual risk appetite per trade and account size.



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Nirvana! Forex Trades & Investments
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