EURAUD took a massive Bearish move yesterday on the H4 and H1 chart. However, the Daily chart shows that pair has been up trending. Thus, the pair might end up having a corrective day today. Nevertheless, by looking at the H1 chart, we see that we might get a buying opportunity later today. Let us have a look at the H1 EURAUD chart.
EURAUD Price Action Analysis – 15th June 2018
Have a look at those massive H1 Bearish candles. After having those massive moves, the pair has been on a correction. The level of 1.54720 is the level of Support and the level of 1.55135 is the level of Resistance here. If the price comes back to the level of 1.54720 area and produces an H1 Bullish Engulfing candle, which breaches the level of 1.55135, then buying the pair would get us some green pips. Let us have a look at the summary of the trade…
- Buy Stop order: 1.55135
- Stop Loss: 1.54720
- Take Profit: 1.56500
- 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
Neither the EURO nor the AUD has any high impact news event today. Thus, if the breakout takes place, then the pair would run technically. We do not have to worry about entry taking time. It could come at any time. One thing we have to take in consideration is that it is the last day to wrap up the week. Thus, we should hold our intraday entries until the London session to be finished. This is an intraday entry, so just hold it until the London session if the TP is not hit by the trade itself.
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