EURAUD – One More Push Higher Likely

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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.
EURAUD - Primary Analysis - Aug-13 1343 PM (4 hour)
Entry:

H1– We can enter a buy trade once the EURAUD pair breaks and settles above the highlighted trend line.
EURAUD - Primary Analysis - Aug-13 1342 PM (1 hour)
Target 1: 1.53800
Target 2: 1.5450
Stop Loss: Below 1.5030

Video Explanation:

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