I've just entered this trade. We are looking at an impulse move up, followed by a period of consolidation in a bullish flag pattern. Price has no broken up out of this area and now that the pullback is complete, I have entered.
I did consider moving the TP higher as the previous impulse move was strong but there is an equally strong area of resistance holding...
Major trend is still down, however, EURAUD sentiments seems to have shifted to bullish on H4 and with support found at 1.5977, the currency pair could have a short term rally.
- Let emotions and sentiments work for you
-ALWAYS Use Proper Risk Management In Your Trades
EURAUD is coming closer and closer to a major support line on a daily.
1.605 - 1.61 is a decent zone to consider for a buying opportunity.
Look for a reversal formation within the underlined area and buy the market
expecting bullish continuation to an upper boundary of a channel on 4H
and to higher structure levels.
EURAUD (D) - medium term bullish bias
After a rally above the daily resistance of 1.6300 last month the euro pulled back to the 50% (1.6150) Fibonacci retracement level. We saw strong buying interest in that area as the price stabilised. The RSI is still in the neutral zone which suggests there is plenty of room on the upside. The immediate target would be the...
Buy FX:EURAUD now!
Oscillators: Stochastic .
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