• Vasily Trader

EURAUD: How to Catch a Pullback Safely?

EURAUD is trading in a strong bearish trend since the end of August.

This week a strong key support level was reached.

To catch a pullback from that, monitor 4H time frame.

For now, the price is stuck within a falling parallel channel .

Your first condition will be a bullish breakout of its resistance.

Moreover, the price is currently forming an inverted h&s pattern.

1.547 - 1.55 is its neckline.

Your second condition will be its bullish breakout.

To catch a pullback safely you will need two breakouts:

of a falling resistance and of a neckline.

Then on a retest you can buy the pair.

Goals will be 1.5595 / 1.5705

In case of a new lower low formation the setup will be invalid.

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