EURAUD:Trade Thesis: Bullish Retracement & Trend Continuation
The market structure remains bullish, characterized by a sequence of Higher Highs (HH) and Higher Lows (HL). We are currently looking for a pullback into a "Golden Zone" area of confluence to trigger a long entry
This technical setup on the EURAUD 4H chart identifies a (Resistance-turned-Support) trade aligned with Fibonacci retracement levels to capture the continuation of the current bullish trend.
Key Setup Parameters
Market Context: The pair has broken above previous resistance, confirming a structural shift. We are now anticipating a retest of this breakout zone, where previous resistance is expected to act as new support.
Entry Zone: The green demand box sits precisely between the 0.382 (1.63934) and 0.5 (1.63551) Fibonacci levels. This area provides high-probability support for a bounce.
Stop Loss (SL): Placed at 1.61930 (the 1.0 Fibonacci level). This provides a buffer below the recent Higher Low (HL) to avoid being stopped out by volatility wick-outs.
Take Profit (TP): Positioned at 1.65897, targeting of the recent structural high.
source https://www.tradingview.com/chart/EURAUD/jKkRwJPE-EURAUD-Trade-Thesis-Bullish-Retracement-Trend-Continuation/
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