EURAUD (Daily) LONG IDEA: 500 PIPS on the SIDE TREND! (New)

POTENTIAL PROFIT: UP TO 500 PIPS

TECHNICAL ANALYSIS:
-Since the end of March 2020, the price started a really strong downtrend, breaking an important historical level.
The price bounced and retested the support level at about 1.60726 before starting a consolidation period.

-During the consolidation period, the price kept itself around the EMA 50, bouncing more times on the support zone.

-The 17th of September, a strong momentum move the market up, reaching and bouncing on the weekly resistance level.

-The price failed the retest of the resistance (sing of weakness), inverting the trend until it reached again the support zone (this level rejected the price several times, is clearly a strong zone to keep always in you mind!).

CONCLUSION:
The market is actually moving in a sidetrend, it just bounced again on a really strong support level.
The volatility and the market strenght are increasing, this let me thing about an upcoming strong movement.
I DON'T suggest to get any position right now, instead I definitely suggest to wait a breakout of the daily support level at about 1.64000 and eventually entry long during a pullback on the same level.
It could be a really great opportunity to get a trade up to 500 pips!

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Trade Safe,
Gianni