EURAUD Approaching Support, Prepare For A Bounce!
Buy above 1.5651.
Stop loss at 1.5598.
Take profit at 1.5773.
Reason for the trading strategy (technically):
EURAUD is approaching its support at 1.5651 (100% Fibonacci extension, 50% & 38.2% Fibonacci retracement, horizontal overlap support) where we expect price to rise to its resistance at 1.5773 (100% Fibonacci extension, horizontal pullback resistance).
Stochastic (55, 5, 3) bounced off its support at 4.8%. We have also identified a bullish divergence with price which contributes to our bullish divergence.
Stop loss at 1.5598.
Take profit at 1.5773.
Reason for the trading strategy (technically):
EURAUD is approaching its support at 1.5651 (100% Fibonacci extension, 50% & 38.2% Fibonacci retracement, horizontal overlap support) where we expect price to rise to its resistance at 1.5773 (100% Fibonacci extension, horizontal pullback resistance).
Stochastic (55, 5, 3) bounced off its support at 4.8%. We have also identified a bullish divergence with price which contributes to our bullish divergence.