EURAUD Daily S/R| 200 MA| Swing High| Declining Volume

Evening Traders,

Today’s Second Analysis – EURUAD- impulse sell into a high timeframe structure, finding support here is probable.

Points to consider,
- Impulse Price Action
- Daily S/R Support
- .382 Fibonacci Resistance
- Oscillators Extended
- Declining Volume

EURAUD’s immediate price action is impulsive, oversold conditions are likely to lead to an oversold bounce.

The Daily S/R is a key area in confluence with the 200 MA and the .618 Fibonacci, a respect upon first attempt here is highly probable.

The .382 Fibonacci is likely to be back tested as this level coincides with the Local S/R and 21 MA.

Both oscillators are getting overextended, this is indicative of an oversold bounce being probable. A volume influx is likely to coincide as the current volume profile is declining.

Overall, in my opinion, EURAUD is a valid long with defined risk; price action is to be used upon discretion/ management of trade.

Hope this analysis helps

Thank you for following my work!

And remember,

“You have power over how you'll respond to uncertainty.”
― Yvan Byeajee