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EUR/AUD Potential Upward Movement

EUR/AUD Long-Term Trend: Bullish

Key Resistance Levels: 1.63174, 1.64136, 1.64200.

Key Support Levels: 1.61261, 1.59377, 1.59300.

Daily Chart:

The price on the higher time frame succeeded to break a strong daily resistance around the 1.61261 AUD mark with the help of a bullish bodied bar with long wick to the downside which shows that the buyers are in control and further movement to the upside is expected.

EUR/AUD Medium-Term Trend: Bullish

4-Hour Chart:

On the lower time frame, the pair is traded inside a bullish channel formation where it found buyers around the 50% Fibonacci retracement level. This led to a move higher. A lower correction could be seen to the highlighted zone before a new bullish impulsive wave toward the target profit.

Signal Idea:

Buy Limit Order @ 1.61750

TP 1 @ 1.62835

TP 2 @ 1.63174

Stop Loss @ 1.61275

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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