This is a follow-up to the previous EURAUD swing trade. The setup has currently delivered a solid 8R, from an originally projected 17R opportunity. (For clarity, refer to the previous post.)
This update is based on a structural shift observed in the market. Additionally, the strong bearish engulfing candle on the 4H timeframe is one to be mindful of. While the broader bullish structure remains intact, markets move in waves, and a deeper pullback into demand is possible to gather liquidity for the final bullish push.
A key demand zone sits between 1.6420 ā 1.6370. Price may retrace into this region before potentially resuming the rally toward 1.6960 and beyond.
With the anticipated date of 26th March now in play, caution is required to avoid impulsive decisions. I will close half of my current position and allow the rest to run. If price does not retrace as expected and continues higher, I will consider scaling back in.
Action Plan
Expect price to pull back into demand between 26th March and 3rdā8th April
Look for a complementary sell targeting 1.6420 ā 1.6370
This effectively becomes a Sell ā Buy sequence
Following the pullback, anticipate a final bullish phase expected to run between 8th ā 26th April.
NB: Prev Chart was published in 1Day Tf
Trade Safe.
Patience is the Way!
Ieios