EUR/AUD Potential Upward Movement

EUR/AUD Long-Term Trend: Bullish

Key Resistance Levels: 1.60260, 1.61208, 1.62623

Key Support Levels: 1.59403, 1.57967, 1.56765

Daily Chart:

The price on the higher time frame failed to break a strong daily support around the 1.59403 USD mark, and it posted an engulfing bullish pattern which led to a reversal. A continuation of the upward movement is expected in the coming hours.

EUR/AUD Medium-Term Trend: Bullish

1-Hour Chart:

On the lower time frame, the price succeeded to break the wedge formation to the upside after testing the strong support level. We expect a lower correction to the highlighted zone before a new impulsive wave toward the target profit.

Signal Idea:

Buy Limit Order @ 1.59807

TP 1 @ 1.60234

TP 2 @ 1.61208

Stop Loss @ 1.59623

Trade Safely 🙂