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EUR/AUD Potential Upward Movement

EUR/AUD Long-Term Trend: Bullish

Key Resistance Levels: 1.57226, 1.58053, 1.59000.

Key Support Levels: 1.54661, 1.53662, 1.53000.

Daily Time Frame:

The price on the higher time frame found support around the 1.54710 AUD mark where it reversed and managed to break the bearish channel to the upside. We can see that the market posted the 1st leg up and then a correction. We expect to see a new impulsive wave with a 2nd leg up.

EUR/AUD Medium-Term Trend: Bullish

1-Hr Time Frame:

On the lower time frame, the price is traded inside a bullish flag formation where it posted a higher low inside the flag. This expected to move the price to the upside. But before this move a lower correction could be seen.

Signal Idea:

Buy Limit Order @ 1.55690

TP 1 @ 1.56671

TP 2 @ 1.57226

Stop Loss @ 1.55282

Trade Safely 🙂

In many cases we manually use market orders instead of pending orders to trade the trading ideas we send you. This is higher risk, and you can decide if it suits your trading style.

About Joe Damien

Joe is a proven Forex analyst and manual trader with 6 years of full-time trading experience. He is a swing trader that relies on price action, market structure and Fibonacci retracement. His two most successful pairs are CHF/JPY, CAD/JPY, but his expertise allows him to profit on any asset or pair.

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