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EUR/AUD Potential Upward Movement

EUR/AUD Long-Term Trend: Bullish

Key Resistance Levels: 1.55900, 1.56155, 1.57000

Key Support Levels: 1.55243, 1.54988, 1.54000.

1-Hr Chart:

The price on the higher time frame succeeded to break the key resistance level (now support) around the 1.82693AUD mark with the help of a hammer bar near the support. This shows that the market is clearly controlled by the buyers where further movement to the upside could be seen in the coming hours.

EUR/AUD Medium-Term Trend: Bullish

15-Mins Chart:

On the lower time frame, the bulls manage to break the bullish flag pattern to the upside and now the price traded above the key resistance area in a small range. The market found more bulls around the 50.00 % Fibonacci retracement which could lead to a move higher. Before this move a lower correction could be seen to the new support.

Signal Idea:

Buy Limit Order @ 1.55252

TP 1 @ 1.55840

TP 2 @ 1.56155

Stop Loss @ 1.54958

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.

2 comments

  1. The price didn’t reach the said pending, unfortunately.

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