EURAUD had a strong bullish day yesterday. In fact, the Daily Candle came out as an engulfing candle. The H4 chart shows that the price started heading towards the North after producing an H4 bullish engulfing candle at a strong level of support. It seems that the price has started having a correction as well. This means that the buyers of EURAUD might get another chance to go long on the pair soon. Let us have a look at the H4 EURAUD chart…
Join our Trial Offer here for only $7
As we see on the chart, the massive H4 bullish engulfing candle set the bullish tone on the H4 chart. The price made a significant breakout at the level of 1.60560. Thus, this might be the level where the price finds its support. If that really happens and the level produces an H4 bullish engulfing candle, then an H1 breakout at the level of 1.61255 level would lead the price to go towards the level of 1.62370. Let us have a look at the summary of the trade…
- Buy Stop Order: 1.61256
- Stop Loss: Below 1.60560
- Take Profit: 1.62370
The Super Forex Launcher Trend Reversal System
EURAUD and AUDUSD are very similar pairs. However, if we monitor intraday charts such as 15M, H1 charts then we find a little difference on breakout and movement. EURAUD is more technical than AUDUSD. A point to be noted here is usually EURAUD has more spread and more movement than AUDUSD. Thus, to me EURAUD is a better pair to trade than AUDUSD if their charts look very same.
How I Became a Consistently Profitable Trader
Claim Your $60 No Deposit Bonus Here
All you need is to have your live account verified!
Of course, you need to open a live account...
2 Brokers that we like A LOT!
USD30 from each Forex Broker Below.
Both Forex Brokers have excellent rating!
We use both of these brokers and proudly promote them!
NOTE: Not all countries qualify for these bonuses. Terms and Condition Applies.Other Analysis Today