EURAUD: Strong Supports; Ready for Bounce?
Updated
EURAUD Timeframe: 1D
Direction: Long
Confluences for Trade:
- Stochastic Overbought momentum
- Too wide of a divergence for 8 EMA and 50 EMA
- Price close to Strong Horizontal Support (since Feb 18)
- Price close to a Support Trendline (previously resistance; since March 18)
Suggested Trade:
Entry @ Area of Interest 1.5610 - 1.5670
SL: 1.5542
TP: 1..5884
RR: Approx. 2.89 (Depending on Entry Level)
May the pips move in our favor! Good luck! :D
*This trade suggestion is provided on an advisory basis. Any trade decisions made based on this suggestion is a personal decision and we are not responsible for any losses derived from it.
Trade closed: stop reached
The sudden Brexit news of two ministers resigning caused a sudden drop in the EUR. EUR has since recovered but our position hit the stop first. The trade setup is still valid if still interested.
Disclaimer: The personal opinion above does not constitute as an investment advice. Any decisions taken based on the above opinion is purely at your own risks. DYOR.
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