EURAUD - Ending Diagonal Pattern
Notes :
1- The structure of the constituent sides is in the 5 waves triple format.
2- In MACD, convergence is in triplicate format
I cannot provide a long-term analysis for this currency, in daily basis reviews for patterns, we reached this pattern in the 60-minute chart on EURAUD. All conditions are ready for a 250 to 300 pip uptrend.
To confirm the uptrend, the price needs to cross the range of 1.6283, which means the close of the candlestick in the 60 minutes chart should be above this price level.
The loss limit is the range of 1.6102, which is selected based on the 240-minute chart
As the main trend is unknown the target of the Diagonal pattern is at the beginning of its movement, which has been set at the end of wave 2.
1- The structure of the constituent sides is in the 5 waves triple format.
2- In MACD, convergence is in triplicate format
I cannot provide a long-term analysis for this currency, in daily basis reviews for patterns, we reached this pattern in the 60-minute chart on EURAUD. All conditions are ready for a 250 to 300 pip uptrend.
To confirm the uptrend, the price needs to cross the range of 1.6283, which means the close of the candlestick in the 60 minutes chart should be above this price level.
The loss limit is the range of 1.6102, which is selected based on the 240-minute chart
As the main trend is unknown the target of the Diagonal pattern is at the beginning of its movement, which has been set at the end of wave 2.
