Hello Traders, I would like to present a potential BUY set-up in EURAUD through this analysis.
EURAUD is trading in an upward trajectory for the last 3 years.
Lately, price broke out of the ASCENDING TREND LINE(green line in my chart). While this could imply a bearish reversal in the larger timeframe, I am not so sure about it.
Currently, EURAUD is in an area of support. So, traders can look for BUY entries in 1.5980-1.6010 area with SL below 1.5850.
TPs can be set at 1.6130 and 1.6320 respectively.
If price breaks the first support zone, traders can look for long-entries in the second support zone at 1.5890.
EURAUD is trading in an upward trajectory for the last 3 years.
Lately, price broke out of the ASCENDING TREND LINE(green line in my chart). While this could imply a bearish reversal in the larger timeframe, I am not so sure about it.
Currently, EURAUD is in an area of support. So, traders can look for BUY entries in 1.5980-1.6010 area with SL below 1.5850.
TPs can be set at 1.6130 and 1.6320 respectively.
If price breaks the first support zone, traders can look for long-entries in the second support zone at 1.5890.
Note
Price jumped up nicely from the BUY ZONE.Waiting for a decisive break of the 100 hour EMA now
Note
Looks like a break of the 100H EMA is around the corner which will signify as sharp impulse to the upside. 
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.