smartforexlearning
Long

EURAUD long after reversal and break of resistance level

FX:EURAUD   Euro / Australian Dollar
Last week, we've seen the reversal setup on EURAUD             finally materialise. The bullish divergence (price made lower lows while RSI made higher lows) was another confirmation, but the rejection of the lower support level followed by the very bullish move up left little doubt.

On Wednesday, price already tested the resistance level (indicated by the black horizontal line) but initially rejected it. On Friday though, price broke finally through it and closed comfortably above.

There's still plenty of upside for the pair and depending on what happens Monday, good entry possibilities could be on a retrace to the resistance-turned-support. The first take profit level would be at a resistance zone at around 1.50600 (for a R:R of about 1:1.6) but further profit levels are definitely possible, up to the longer term resistance area at 1.55100.

Good luck trading!

Please visit http://smartforexlearning.com and follow us:
- on Twitter: http://twitter.com/smartfxlearning
- on Facebook: https://www.facebook.com/smartforexlearning
- on Google+: https://plus.google.com/+Smartforexlearning
English
English (UK)
English (IN)
Deutsch
Français
Español
Italiano
Polski
Türkçe
Русский
Português
Bahasa Indonesia
Bahasa Melayu
ภาษาไทย
Tiếng Việt
日本語
한국어
简体中文
繁體中文
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out