EUR/AUD Potential Long Trade - Reversal in Sight?
We're observing a possible turnaround in
EURAUD
on the 4-hour chart. Despite the recent downtrend, the pair seems to be forming a base above the 1.64482 level, aligning with the 0.75 Fibonacci retracement mark. The MFI indicator is below 50 but showing signs of bullish money flow, hinting that the tide may be turning.
Trade Parameters:
Entry Point: Looking for confirmation of upward momentum near the 1.64482 Fibonacci level for a potential entry.
Stop Loss: Set below the recent low at 1.63495 to protect against a resumption of the bearish trend.
Take Profit: Aiming for a retest of the recent high at 1.67444. The grey box indicates the target area for a substantial move upward.
The MFI's indication of a bearish money flow turning bullish gives us a hint that buyers might be regaining control. If price action confirms a support hold at the Fibonacci level, it could offer a solid entry for a long position.
EURAUD
on the 4-hour chart. Despite the recent downtrend, the pair seems to be forming a base above the 1.64482 level, aligning with the 0.75 Fibonacci retracement mark. The MFI indicator is below 50 but showing signs of bullish money flow, hinting that the tide may be turning. Trade Parameters:
Entry Point: Looking for confirmation of upward momentum near the 1.64482 Fibonacci level for a potential entry.
Stop Loss: Set below the recent low at 1.63495 to protect against a resumption of the bearish trend.
Take Profit: Aiming for a retest of the recent high at 1.67444. The grey box indicates the target area for a substantial move upward.
The MFI's indication of a bearish money flow turning bullish gives us a hint that buyers might be regaining control. If price action confirms a support hold at the Fibonacci level, it could offer a solid entry for a long position.