EURAUD has been Bearish on the Daily chart for a long time. However, by looking at the H4 chart, it seems that the pair might have started going upwards. The last H4 candle made a breakout at an important level of Resistance as well. If the rest of the things go accordingly, then we might get an opportunity to take a long entry on EURAUD. Let us have a look at the H4 EURAUD chart.
EURAUD Price Action Analysis – 7th June 2018
Have a look at the last H4 Bullish candle. There is a spike, but the candle closed above the Resistance level. If the current H4 candle is held by the breakout level, and we get an H1 Bullish Engulfing Candle right at that level, then the price would go towards the level of 1.55200.
- Buy Limit Order: 1.53960
- Stop loss: 1.53555
- Take Profit: 1.55200
- Validity: 72 hours
- Whenever possible, move the stop loss to the entry price and whenever you want, you can take profit anytime as long as you feel comfortable
The AUD had a high impact news event earlier today. “Trade Balance” news release was to come and it came out as a neutral data. The news event did not make the AUD move that much on the H1 or H4 chart. None of the currency on EURAUD has any high impact news event on rest of the day. Thus, if we get a good corrective H4 candle and the H1 Bullish signal right on that level, it would be a good trade setup to take an entry. Let us hope that the price does not start trending from where it is now. Let us wait for the price to come back to the breakout level first and then to start trending.
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