EURAUD Forecast (Short):
Entry Price: 1.71900
Take Profit (TP): 1.68300 (3600 pips below the entry point)
Stop Loss (SL): 1.73820 (1920 pips above the entry point)
Rationale for the Forecast:
Current Context:
EURAUD is near a resistance level, indicating a potential downward reversal.
The Take Profit level (1.68300) is close to a key support level, which could be reached if the euro weakens or the Australian dollar strengthens.
The Stop Loss level (1.73820) is set above a key resistance level, minimizing risks in case of an upward breakout.
Fundamental Factors:
EUR: Mixed economic data from the Eurozone, with potential weaknesses in industrial production and consumer confidence, could pressure the euro.
AUD: Positive data from the construction sector and potential improvements in commodity prices could support the Australian dollar.
Technical Factors:
The level of 1.71900 is a resistance zone where a downward move is possible.
The level of 1.68300 is a support zone where profit-taking could occur.
The level of 1.73820 is a zone above key resistance where the Stop Loss would be triggered.
Recommendations:
Target (Take Profit): 1.68300 (3600 pips profit).
Risk (Stop Loss): 1.73820 (1920 pips loss).
Risk-Reward Ratio: 1:1.875 (profit nearly twice the risk).
Scenarios:
Optimistic Scenario:
EURAUD reaches the 1.68300 level, and the position is closed with a profit.
This could happen if Eurozone data weakens further or Australian data improves.
Pessimistic Scenario:
EURAUD breaks above the 1.73820 level, and the position is closed with a loss.
This could occur if Eurozone data improves or Australian data worsens.
Conclusion:
The current trade has a favorable risk-reward ratio (1:1.875).
It is recommended to monitor news from the Eurozone and Australia, as they could impact the pair's movement.
Entry Price: 1.71900
Take Profit (TP): 1.68300 (3600 pips below the entry point)
Stop Loss (SL): 1.73820 (1920 pips above the entry point)
Rationale for the Forecast:
Current Context:
EURAUD is near a resistance level, indicating a potential downward reversal.
The Take Profit level (1.68300) is close to a key support level, which could be reached if the euro weakens or the Australian dollar strengthens.
The Stop Loss level (1.73820) is set above a key resistance level, minimizing risks in case of an upward breakout.
Fundamental Factors:
EUR: Mixed economic data from the Eurozone, with potential weaknesses in industrial production and consumer confidence, could pressure the euro.
AUD: Positive data from the construction sector and potential improvements in commodity prices could support the Australian dollar.
Technical Factors:
The level of 1.71900 is a resistance zone where a downward move is possible.
The level of 1.68300 is a support zone where profit-taking could occur.
The level of 1.73820 is a zone above key resistance where the Stop Loss would be triggered.
Recommendations:
Target (Take Profit): 1.68300 (3600 pips profit).
Risk (Stop Loss): 1.73820 (1920 pips loss).
Risk-Reward Ratio: 1:1.875 (profit nearly twice the risk).
Scenarios:
Optimistic Scenario:
EURAUD reaches the 1.68300 level, and the position is closed with a profit.
This could happen if Eurozone data weakens further or Australian data improves.
Pessimistic Scenario:
EURAUD breaks above the 1.73820 level, and the position is closed with a loss.
This could occur if Eurozone data improves or Australian data worsens.
Conclusion:
The current trade has a favorable risk-reward ratio (1:1.875).
It is recommended to monitor news from the Eurozone and Australia, as they could impact the pair's movement.
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.
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.