HayatoDragonFX

EURAUD, daily tf, buy on retest of support

Long
FX:EURAUD   Euro / Australian Dollar
Hello my friends,

The second setup for next week gonna be EURAUD pairs.
As you can see this pair has shifted from bearish to become bullish as price now making higher highs and higher lows.

There is not many things to analyze in this pair and i am just gonna use simple support and resistance along with price action.
I do see a possibility that price making a triple bottom or cup and handle pattern previously but i will still keep it simple.

Notice that i have marked 1.6540 as a horizontal level of support.
Drawing a fibonacci retracement we could see 1.6520 is where 61.8% fibonacci level located, it is also the area between EMA-10 and EMA-20 so we could see some buying power around that area.

The last friday candle closed with a doji so i could say the retracement of EURAUD pretty much going to end soon.

I am gonna set a buy limit order in this pair.

Buy EURAUD 1.6520
Stop loss 1.6470
Take profit 1.6775

RR ratio 1 : 5.2
Use only 1-2% risk
Good luck

Comments

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