Vladimir RibakovOwner, Chief Trader at Home Trader Club (Former Traders Academy Club), Owner, Chief Trader at Home Trader Club (Former Traders Academy Club) · Owner, Chief Trader at Home Trader Club (Former Traders Academy Club)

EURAUD Analysis & Trading Plan - 9 Oct 2024

9 Oct 2024 · 1 min

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1:03

Vladimir Ribakov analyzes EUR/AUD and finds the price bounced off the 61.8% Fibonacci extension on the daily chart, breaking a descending trend line. The 4-hour chart shows higher highs and lows with bullish hidden divergence, suggesting a buy-the-dips strategy if Fibonacci levels hold.

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Is the euro Aussie going up from here? Let's take a look on the charts. On daily chart, beautiful bounce directly off 61.8 Fibonacci extension levels of the recent two daily legs. As it happens, the most recent falling trend line is broken to the upside, and while that happens, the four-hour chart shows classical bullish price. Action and price structure. Three higher highs, higher lows. We also see a bullish hidden divergence on the four-hour chart. And as long as these Fibonacci levels you see on these charts hold, from my point of view, buy the dips is the correct trading plan for this pair.