Price has been moving in a clear downtrend within a descending channel. After the recent decline, notice how EURAUD appears to have formed a double-bottom pattern near the lows. This type of structure often develops after a strong sell-off, when selling pressure begins to weaken and buyers gradually return.
The neckline is the key level to watch now, and price has already started breaking above this area. A strong breakout candle could confirm the pattern, but the safer approach would be to wait for price to return and retest the neckline. If the former resistance holds as support, it could provide an ideal entry for the next bullish move.
The projected target is calculated by measuring the height of the double bottom and adding it above the neckline. In this case, the bullish target is around 1.6500. A stop loss could be placed below the neckline after the retest, or more conservatively below the second bottom.
A double-bottom pattern can provide a reliable signal, although its accuracy still depends on volatility, unexpected events, and broader market conditions. For now, if the neckline holds during the retest and shows a strong rejection of lower prices, the probability of EURAUD continuing higher would increase significantly.
The neckline is the key level to watch now, and price has already started breaking above this area. A strong breakout candle could confirm the pattern, but the safer approach would be to wait for price to return and retest the neckline. If the former resistance holds as support, it could provide an ideal entry for the next bullish move.
The projected target is calculated by measuring the height of the double bottom and adding it above the neckline. In this case, the bullish target is around 1.6500. A stop loss could be placed below the neckline after the retest, or more conservatively below the second bottom.
A double-bottom pattern can provide a reliable signal, although its accuracy still depends on volatility, unexpected events, and broader market conditions. For now, if the neckline holds during the retest and shows a strong rejection of lower prices, the probability of EURAUD continuing higher would increase significantly.
交易進行
相關出版品
免責聲明
這些資訊和出版物並非旨在提供，也不構成TradingView提供或認可的任何形式的財務、投資、交易或其他類型的建議或推薦。請閱讀使用條款以了解更多資訊。