EURAUD seems to have found a level of support on the daily chart. The price had a bounce on Friday at the same level where it had had a bounce earlier. The H4 chart shows that after being bullish for a while, the price had consolidation. A bullish reversal candle forms at a flipped support. Thus, an upside breakout would push the price towards the North further. Let us have a look at the H4 EURAUD chart.
This trade idea was generated by our powerful Elite Swing Trader System.
Free Forex Trade Signals EURAUD – 11th Nov 2019
After producing an Inside Bar, the price headed towards the North. It had a rejection at the level of 1.60975 and found its support at the level of 1.60625. A bullish Marubozu candle forms at the level of 1.60625. The price has been bullish since then. If the price keeps being bullish and makes an upside breakout at the level of 1.60975, it may head towards the level of 1.61790 with good bullish momentum. Let us have a look at the summary of the trade…
- Buy Stop Order: 1.60973
- Stop Loss: 1.60569
- Take Profit: 1.61681
The first candle of the trend does not look that promising. Thus, the price may not make a long bullish move. On the daily chart, the daily reversal candle came out as an Inside Bar as well. The buyers shall be calculative and may come out with the whole trade once it hits the Take Profit level. An upside daily breakout at that level may push the price towards the upside. Before that happens, they must wait.
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