Guest Post by Nicola Delic
The Euro climbed higher against the Aussie Dollar recently, and traded above the 1.5200 resistance area. The EURAUD pair is under a correction phase currently, and it is likely that once it is complete, the pair might continue trading higher. There is a chance of a 5-waves pattern formation on the hourly chart, which could take the par towards the next level of interest around 1.5400. So, I know we should look for ways to enter a buy trade in the near term.
In order to enter a buy trade I think we should wait for the EURAUD pair to break and settle above a bearish trend line formed on the hourly chart.
Technical Analysis
H4– Chart representing a wave structure and the possibility of the EURAUD pair trading towards 1.5800.
Entry:
H1– We can enter a buy trade once the EURAUD pair breaks and settles above the highlighted trend line.
Target 1: 1.53800
Target 2: 1.5450
Stop Loss: Below 1.5030
Video Explanation:
