EURAUD has been in a range on the H4 chart after being Bearish. By looking at the price action, it seems that the price might head towards the North. The first H4 candle today was a Doji and then the immediate H4 candle has been a Bullish Engulfing candle. That candle made a breakout at a significant Resistance level as well. This means the pair might offer us a Long entry later today. Let us have a look at the H1 EURAUD chart.
Have a look at the level of 1.53160. The pair produced a huge H1 candle to make a breakout at that level. At the end, it ended up being an H4 breakout as well. If the price starts having a correction and comes up to the breakout level, then the buyers would love to take a long entry upon an H1 Engulfing candle at the level of 1.53160. Let us have a look at the summary of the trade…
- Buy Limit Order: 1.53160
- Stop loss: 1.52890
- Take Profit: 1.53850
- 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
None of the currency on the pair has any high impact news event today. Thus, there is a very good chance that the pair would hit the profit target without having too many pauses. Now the thing to keep our eyes on is whether the pair makes a full-length correction up to breakout level. If it does, then it would be an entry, which the buyers of EURAUD would love to take.
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