🎯 EUR/AUD Flag Pattern Aims at 1.69 in Bullish Reversal 🎯

2 min read

Dear traders,

the EUR/AUD is building a bull flag chart pattern. The pullback occurs after a strong push up. This indicates that a wave 3-4 pattern is taking place.


Price Charts and Technical Analysis

The EUR/AUD is expected to continue with the uptrend. But price must remain above the support zone (green box). This includes the 50-61.8% Fibonacci zone, the long-term moving averages, and support levels from the previous consolidation zone.Β 

A bearish break below the support invalidates (red x) the bullish outlook. A bullish bounce at support or break above the flag pattern confirms (green check) it. The main targets for any upside price movement are: Wizz 8 at 1.66 and Fibonacci retracement levels from the weekly chart at 1.69 and 1.75.

The analysis has been done with SWAT method (simple wave analysis and trading).

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Good trading,
Chris Svorcik
Elite CurrenSea

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