EURAUD Buy at 1.6362 (has been trading in a bullish trend since)
- Setup: The EURAUD is trading in a bullish trend and has recently broken out above the 1.6362 resistance level.
- Entry: Buy at 1.6362 with a stop loss below 1.6316.
- Target: 1.6450 and beyond.
This trade is based on the following technical analysis:
- The 1.6362 resistance level was a key level of resistance, and the break above this level is a bullish signal.
- The RSI indicator is in the overbought zone, which suggests that the trend may be nearing exhaustion.
- The MACD indicator is bullish, which also supports the bullish trend.
The risk to reward ratio for this trade is favorable. The stop loss is relatively small, and the potential profit is significant. However, it is important to remember that no trade is guaranteed, and there is always a risk of loss.
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