Hi Traders! EURAUD short term forecast and technical analysis is here. We do our analysis on the MetaTrader4 platform (MT4), some very interesting, useful tips and hacks about the MT4 platform could be found here. If you would like to learn more about the way we trade and the technical analysis we use then check out the Home Trader Club Spoiler alert – free memberships are available!
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On the daily chart, the price which is moving lower reached a strong support zone formed based on the volume profile zone of the KTLI indicator, respected it and bounced higher from this zone. Also, we had a bullish divergence that has formed between the first low that has formed at 1.61259 and the second low that has formed at 1.61080 based on the MACD indicator which we may consider as evidence of bullish pressure. Also, there are currently no signs opposing this short term bullish view. So everything looks good here for the bulls and we may now move down to lower timeframe and look for evidences supporting this short term bullish view.
On the H1 chart, we have a strong bullish momentum and also currently it looks like a correction is happening. So everything looks good for the bulls here as well. In addition to this, we have three key support zones that has formed based on the volume profile zones of the KTLI indicator and the Triple B Pro pivot levels. Until these three key support zones shown in the image below (marked in green) holds my short term view remains bullish here and I expect the price to move higher further after retraces.
EURAUD D1(Daily) Chart Analysis
EURAUD H1(1 Hour) Chart Analysis
It is always recommended to look for confirmations before you jump into any trade. If you are not sure about how to trade this short term buy setup then you can use any setup and strategy that you have in your arsenal to look for bullish moves and join this buy trade.
Also, don’t forget to protect your buy trade using a stop loss and make sure to set a target and keep a proper risk/reward ratio.
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Happy Trading!
Arvinth Akash
Home Trader Club Team
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