Looking at a buy set up for EURAUD
1. Red circle to the left denotes a break of the monthly trendline.
2. Red circle to the right denotes a retest of the same zone that the monthly trendline was broke, which is in confluence with the 50-61.8 1hr and 4hr Fib zone.
3. I am looking for a swing low and a break of the down trendline for an entry long, with the first target at the 1.56588 zone marked in green.
4. TP 3 is denoted with the higher green zone. If the price breaks this level, look for it to take a long ride back to the previous high of around the 1.595 area.
1. Red circle to the left denotes a break of the monthly trendline.
2. Red circle to the right denotes a retest of the same zone that the monthly trendline was broke, which is in confluence with the 50-61.8 1hr and 4hr Fib zone.
3. I am looking for a swing low and a break of the down trendline for an entry long, with the first target at the 1.56588 zone marked in green.
4. TP 3 is denoted with the higher green zone. If the price breaks this level, look for it to take a long ride back to the previous high of around the 1.595 area.