EURUAD Local S/R| .50 Fibonacci| Oversold Bounce| Swing High

29 oct 2020Evening Traders,

Today’s analysis – EURAUD- bull impulse from oversold conditions, holding Local S/R on a back test is deemed bullish.

Points to consider,
- Price Action Impulse
- Local S/R Support (.50 Fibonacci Confluence)
- Local Target Hit
- Oscillators Neutral
- Declining Volume

EURAUD’s immediate price action is reverting back to Local S/R, confirming an S/R Flip Retest allows us to have a bullish bias.

The Local S/R is in confluence with structure and the .50 Fibonacci, thus a bounce here is probable.

Both Oscillators are neutral; remaining in their bullish control zones allows us to main our bias.

The volume profile is evidently low, an influx is needed to maintain upside momentum, failure is bearish.

Local high is immediate target, taking this level out will increase the probability of a trend continuation.

Overall, in my opinion, EURAUD is a valid long with defined risk; price action is to be used upon discretion/ management of trade.

Hope this analysis helps!

Thank you for following my work

And remember,
“Trade What’s Happening…Not What You Think Is Gonna Happen.” – Doug Gregory