EURAUD STRUCTURE LONG| SUPPORT-RESISTANCE CONFLUENCE ZONE|SWING|

1 thg 7, 2020

The pair is trading in a massive upward channel on higher timeframes.

It has currently reached the channels support line, and a long term horizontal support too, while being pressed by three lesser resistance lines.

Thus, the pair is at the influence lines confluence zone.
My take is that the support lines are older and stronger, and it is reasonable to expect the long term uptrend to continue.

Therefore, there either will be a breakout upwards in the near term, which implies a long swing trade now, with SL below the diagonal support line, or,
there will be a retest of the horizontal structure, and then a move upwards. So if you get stopped the first time, re-enter at the support level, with the stop below it.
Takes are indicated on the chart.

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