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TraderAvDM

A potential Buy set-up in EURAUD

Long
Euro / Australian Dollar (FX:EURAUD)  
TraderAvDM Updated   
FX:EURAUD   Euro / Australian Dollar
Trend Analysis Chart Patterns Beyond Technical Analysis EURAUD euraudlong euraudanalysis euraudbuy euro australiandollar
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trendanalysis chartpattern beyondta euraud euraudlong euraudanalysis euraudbuy euro australiandollar
Hello Traders, I would like to present a potential BUY set-up in EURAUD through this analysis.
EURAUD is trading in an upward trajectory for the last 3 years.
Lately, price broke out of the ASCENDING TREND LINE(green line in my chart). While this could imply a bearish reversal in the larger timeframe, I am not so sure about it.
Currently, EURAUD is in an area of support. So, traders can look for BUY entries in 1.5980-1.6010 area with SL below 1.5850.
TPs can be set at 1.6130 and 1.6320 respectively.
If price breaks the first support zone, traders can look for long-entries in the second support zone at 1.5890.
Comment:
Price jumped up nicely from the BUY ZONE.
Waiting for a decisive break of the 100 hour EMA now
snapshot
Comment:
Looks like a break of the 100H EMA is around the corner which will signify as sharp impulse to the upside.
snapshot
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