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EUR/AUD Potential Upward Movement

EUR/AUD Long-Term Trend: Bullish

Key Resistance Levels: 1.5891, 1.5936, 1.6000

Key Support Levels: 1.5832, 1.5772, 1.5724

Daily Chart:

The price is trending to the upside by posting higher highs and lows. A correction count is being build in a form of an expanding wedge. The price managed to break the strong resistance around the 1.5832 USD mark which could lead to a 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 found buyers around the 61.80% Fibonacci retracement level and succeeded to move to the upside. A lower correction could be seen before a rally all the way up toward the target profit.

Signal Idea:

Buy Limit Order @ 1.5845

TP 1 @ 1.5890

TP 2 @ 1.5936

Stop Loss @ 1.5823

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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