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EUR/AUD Potential Upward Movement

EUR/AUD Long-Term Trend: Bullish

Key Resistance Levels: 1.63232, 1.64366, 1.64400.

Key Support Levels: 1.61741, 1.59657, 1.59018.

Daily Chart:

The price on the higher time frame found support around the 1.61741 USD mark by an engulfing bullish pattern. This led to a move higher, and we expect a further movement to the upside toward the next key resistance around the 1.63232 USD.

EUR/AUD Medium-Term Trend: Bullish

4-Hour Chart:

On the lower time frame, the price managed to break the bearish channel formation to the upside. A lower correction could be seen to the highlighted zone before a new Impulsive wave toward the target profit.   

Signal Idea:

Buy Limit Order @ 1.61772

TP 1 @ 1.63180

TP 2 @ 1.64366

Stop Loss @ 1.61140

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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