EURAUD has been having a long correction on the H4 chart. The pair seems to find its strong support at 1.38978. The level already has produced a beautiful Pin bar. All these equations suggest that the pair might head towards the North soon. Let us have a look at the H1 chart of EURAUD...

As we can see that the level of 1.38978 has produced two Double Bottoms on the H1 chart. Today’s price action has been bullish as well. Pay attention to the Pin bar, which has been created right at the Support zone. There is a strong level of resistance at 1.39334. If we get an Hourly breakout at that level, then buying the pair should be the best option for traders. The next strong level of resistance is at 1.40150. This means buyers are going to have enough room to ride on the potential wave that I have talked about. Let us have a look at the summary of the trade

• Buy Stop Order: 1.3934
• Stop Loss Level: 1.38978
• Take Profit Target: 1.40150

Traders please pay attention to the chart. We normally analyze the H4 chart. This is the H1 chart of EURAUD. The market has been quiet a little as far as the H4 chart is concerned. Thus, I had to find out the opportunity by switching the trading chart. To me, H1 chart is all right, but not as reliable as the H4 chart is. My personal belief is that traders should not use too low time frame such as 15M, 5M charts to analyze the market. These charts produce too much noise and often produce wrong signals. 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 - 8th March 2017