EURAUD - POTENTIAL RETRACEMENT

ANALYSIS 🔎
- EURAUD is printing a descending channel.
- Price is testing the channel support.
- RSI is printing a bullish divergence signal.
- Price action is printing the double bottom pattern.
- This is a bullish reversal pattern.
- Price is testing the double bottom neckline resistance.
- We could see a retracement back to the descending channel resistance.

BUY ENTRY ⬆️
- Breakout above the double bottom neckline resistance.

TARGETS 🎯
- Descending channel resistance, fibonacci retracement levels.

SETUP INVALIDATION ❌
- Breakdown below the double bottom support level (S1).