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EUR/AUD Potential Upward Movement

EUR/AUD Long-Term Trend: Bullish

Key Resistance Levels: 1.5603, 1.5907, 1.6032

Key Support Levels: 1.5362, 1.5276, 1.5227

Daily Chart:

The pair is trading inside a bearish channel formation where we can see that the price is posting lower lows and highs. The price reached the lower end of this channel and it was rejected by a strong support around the 1.5276 USD level. This might lead to a potential reversal to the upside

EUR/AUD Medium-Term Trend: Bullish

4-hour Chart:

On the 4-hr time frame, the price managed to break the higher end of the channel. Currently, it is trading inside a bullish channel formation where we expect the price to post a lower correction toward the 1.5470 USD mark. This could cause a rally to the 1.5603 USD level.

Signal Idea:

Buy Limit Order @ 1.5472

TP 1 @ 1.5566

TP 2 @ 1.5603

Stop Loss @ 1.5435

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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