EURAUD Free Forex Trading Signals - 6th March 2017 - Buy Stop Order

EURAUD Free Forex Trading Signals – 6th March 2017

EURAUD made an Engulfing weekly candle. The pair produced consecutive H4 bullish candles on the H4 chart. As things stand with the pair, it might offer a long entry with excellent risk and reward ratio on the H4 chart. Let us have a look at the EURAUD H4 chart.

EURAUD Free Forex Trading Signals – 6th March 2017

As we can see on the chart, the price has had its support from 1.37400. This is a strong support zone as well. The price kept going towards the North last week. The level of 1.40130 has been the resistance from where the price is having correction. The level of 1.39600 has the potential to be the support of this correction. If 1.39600 be the support and produces an H4 reversal candle, then an hourly breakout at 1.40130, should push the price further up. There is enough room for the price to go towards the North as well. This means more buyers are going to be attracted to buy the pair from this level.

Let us have a look at the summary of the trade

  • Buy Stop Order: 1.40130
  • Stop Loss Level: 1.39600
  • Take Profit Target: 1.41800

When we say that a particular level has the potential to be the level of support or resistance, it does not mean exactly that level would be held. There might be some more or less pips to be adjusted. Suppose, if the price of this trade setup comes up to 1.39520, the setup is valid. We just have to adjust our stop loss by adding more pips. If we get a breakout from bit up from 1.39600, then we have to subtract some pips from our stop loss. This world is not perfect, neither the Forex market is.

You can also take a look at our previous (and most likely profitable) Free Forex Trading Signals Here.

We hope that you enjoy our Free Forex Trading Signal today:  EURAUD Free Forex Trading Signals – 6th March 2017

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