EUR/AUD - Buy Opportunity
Updated
Hi traders,
Here we have EUR/AUD on the 4H chart. I am seeking a long set up.
Price recently had an up impulse after a big down move followed by a correction. When price corrected upside resumed and a key resistance zone was broken.
Price is scheduled to complete its impulse measure move at 1.5740 level. When price hits this level I am expecting a correction and a retest on the previous resistance turned support line. If retest is successful at this level, I believe price will then have a new up impulse, with a maximum target of 1.5960.
It would be ideal to see price retest the previous resistance zone as a new support zone . If this happens it tells us that price is climbing sustain-a
Here we have EUR/AUD on the 4H chart. I am seeking a long set up.
Price recently had an up impulse after a big down move followed by a correction. When price corrected upside resumed and a key resistance zone was broken.
Price is scheduled to complete its impulse measure move at 1.5740 level. When price hits this level I am expecting a correction and a retest on the previous resistance turned support line. If retest is successful at this level, I believe price will then have a new up impulse, with a maximum target of 1.5960.
It would be ideal to see price retest the previous resistance zone as a new support zone . If this happens it tells us that price is climbing sustain-a
Note
I have reanalyzed the above chart on the 4H timeframe.Since posting of the above idea, price has had a correction as I expected.
The correction will continue until the previous support zone structure between 1.5640 and 1.5660.
If price bounces after testing the support zone, there will be further upside. I am expecting an up move up to around 1.5990.
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