Summary:
Trade: Long EURAUD for the market
Take Profit: 1.6017
Stop loss: 1.5400
Justification:
EURAUD has been trading in a triangle formation since late Feb 2021. Today's break above the upper limit in the 1.5630 area signals that we could be in for a bigger move. A potential range target points to a price zone above 1.6017 EURAUD, which acted as short-term support in December 2020. We recommend a long EURAUD position behind the market with a target level of 1.6017. We place a stop loss below the recent lows.
- EURAUD traded in a rising triangle formation
- The pair broke above the upper limit of the formation today
Trade: Long EURAUD for the market
Take Profit: 1.6017
Stop loss: 1.5400
Justification:
EURAUD has been trading in a triangle formation since late Feb 2021. Today's break above the upper limit in the 1.5630 area signals that we could be in for a bigger move. A potential range target points to a price zone above 1.6017 EURAUD, which acted as short-term support in December 2020. We recommend a long EURAUD position behind the market with a target level of 1.6017. We place a stop loss below the recent lows.
Trade closed: target reached:
Take Profit: 1.6017