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EUR/AUD buy opportunity as resistance becomes support

By: Invezz
EUR/AUD trading strategy
  • Buy/sell asset: Buy EUR/AUD
  • Entry price: 1.65250
  • Stop loss: 1.64758
  • Leverage: 1x
  • Take profit 1: 1.6600
  • Take profit 2: 1.66500
  • Take profit 3: 1.67450
  • Timeframe: 1-2 weeks
  • Maximum profit: 1.33%
  • Maximum loss: 0.30%
EUR/AUD chart and technical analysis

The price of EUR/AUD is gaining bullish momentum after it dropped to the 1.64654 support level for correction. The price broke above the 1.65500 resistance area Yesterday which now will act as strong support and will push the price up. This price will probably retrace back to the 1.65500 level for correction before continuing the bullish trend.

The overall trend is bullish on the 4-hour time frame and the price is likely to create new highs in the coming days. The market structure is also bullish and the price will retest the 1.67450 supply level in the coming days.

I am considering the 1.65250 area for long entries as it is around a strong support zone. Additionally, the is a bullish order and 0.50 Fibonacci retracement level. The price also formed an imbalance around the same area which all are confirmations of the continuation of the bullish trend from this area.

EUR/AUD fundamental analysis

Fundamentally, the price is likely to remain stable today as there is no
high-impact news today. However, on coming Tuesday the Reserve Bank of Australia will announce the interest rates decision. If the rates are likely to be kept unchanged. However, if the interest rates are increased the price of EUR/AUD is likely to drop and if the rates decrease the price of EUR/AUD will make significant gains.

Euro to Australian dollar trade idea takeaways
  • The price of EUR/AUD is likely to continue the bullish rally after retesting the 1.65250 support level.
  • The price of will probably rally to the 1.67450 supply level in the coming days.
  • Multiple take-profit levels have been added to secure profit along the way.
  • The risk-to-reward ratio on this trade is 1:43.
  • The entry and stop-loss prices have been placed at secure levels with the least probability of getting hit.
  • Good luck

The post EUR/AUD buy opportunity as resistance becomes support appeared first on Invezz

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