Euraudtrade
EURAUD approaching support, potential for a bounce!
EURAUD is expected to drop to 1st support at 1.61012 where it could potentially react off and up to 1st resistance at 1.61633.
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EURAUD potential reversal!
EURAUD expected to rise up to 1st resistance at 1.61451 where it could potentially react off and drop down to 1st support at 1.60992.
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Trading leveraged products carries a high level of risk and may result in you losing substantially more than your initial investment. Pepperstone Group Limited is licensed and regulated by the Australian Securities and Investments Commission (AFSL 414530). Pepperstone Limited is authorised and regulated by the United Kingdom Financial Conduct Authority (FRN 684312). This information is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.
EURAUD reversed from resistance, potential drop!
EURAUD reversed off its resistance at 1.62552 where it could potentially drop further to 1.61788.
*Disclaimer.*
Trading leveraged products carries a high level of risk and may result in you losing substantially more than your initial investment. Pepperstone Group Limited is licensed and regulated by the Australian Securities and Investments Commission (AFSL 414530). Pepperstone Limited is authorised and regulated by the United Kingdom Financial Conduct Authority (FRN 684312). This information is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.
Major resistance prevails# Resistance was respected
# Bearish engulfing pattern completed
# RSI recovering from oversold conditions
Shorting at market price 1.62732 with
# SL above bearish engulfing @ 1.64194 and
# TP lower down @ 1.57542
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As usual don't bet the farm. Good risk management won't kill you but the lack thereof could!
Short opportunityThe up channel support has been broken indicating a change in market structure.
# Since then price has broken the 1.61326 support and
# Tested as resistance
# Bearish engulfing candle pattern formed (sell signal)
Entered at market price 1.61054 with
# SL above the engulfing at 1.61532 and
# TP lower down around support @ 1.59530
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EURAUD Harmonic AB=CD Pattern Analysis and StrategyWe also see the formation of this AB=CD harmonic pattern on the 4 hr chart. This is a pattern that still has strong upside potential which signaled us to take a long position with take profit set on the green zone. We have a neutral outlook on this pair, therefore we are trading this pattern and the previous Gartley pattern we posted as well. FX:EURAUD