opentrader08

EURAUD update on the latest market movements

Long
FX:EURAUD   Euro / Australian Dollar
Hello Traders !!!

After the latest analyze that I posted on EURAUD was extremely successful and took more than 400 points out of the market, I believe it is time for a new update.

At this stage everything is bearish on the currency pair however I believe thighs will change. After EURAUD reaching 1.68 I was expecting a retracement around 1.6580 (previous resistance) witch the market did. From there I was expecting the price to bounce back (witch it didn't), but that is OK because the more it goes down the bigger the number of PIPS that we can take again from it.

The zone market on the chart, becomes now a VERY IMPORTANT zone. It is resistance and the market recently tested it and bounced back. Now if the zone is retested and holds then I will be very confident to take a long positions from there with targets at 1.6750 even 1.6800. The alternative, if the zone breaks then I will not enter into a short trade, i will just wait for the price to reach the blue line on the chart and from there to take a long position.

Stay safe out there and if you trade EURAUD , make sure you trade with a low exposure because when it moves it moves 300-400 points in one direction. So make sure you can afford that risk.



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