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EUR/AUD Potential Upward Movement

EUR/AUD Long-Term Trend: Bullish

Key Resistance Levels: 1.5813, 1.5892, 1.5900

Key Support Levels: 1.5727, 1.5622, 1.5600

Daily Chart:

The price on the daily time frame is trending to the upside where it entered a big correction and the price succeeded to stay above the 1.5727 USD level. After this correction we expect further movement to the upside in the same direction of the main trend.

EUR/AUD Medium-Term Trend: Bullish

1-hour Chart:

On the 1-hour time frame, the price posted an inverse head and shoulders around the daily support which led to a change in the direction of the trend. Currently the price is above the neckline of the pattern where we expect a lower correction before the move upward to the target profit.

Signal Idea:

Buy Limit Order @ 1.5756

TP 1 @ 1.5811

TP 2 @ 1.5892

Stop Loss @ 1.5731

Trade Safely 🙂

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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