Forex Signals

EURAUD Advances in a Potential Double Bottom Pattern


The EURAUD cross in its 2-hour chart exposes the price action reacting bullish after the re-test of the short-term support at 1.65390.

The second bearish leg and its subsequent bearish failure make us foresee the EURAUD cross an upside that could boost the price until previous highs.


On the other hand, the RSI oscillator shows an upward breakout, which supports our bullish scenario.

A buy-side position could be placed from the current zone at 1.67166. Our conservative scenario foresees a potential profit target at 1.68166.

Finally, the upward scenario will be invalid if the price drops and closes below 1.66166.


Trading Plan Summary

  • Entry Level: 1.67166
  • Protective Stop: 1.66166
  • Profit Target: 1.67166
  • Risk/Reward Ratio: 1
  • Position Size: 0.01 lot per $1,000 in trading account.

By Eduardo Vargas

Eduardo Vargas is a technical analyst and independent trader based in Buenos Aires, Argentina. He is an Industrial Engineer and holds a Master in Finance degree. In 2008 began to trade Chilean stocks listed on IPSA. From 2013 started to trade CFDs on Forex, Commodities, Indices and ETFs markets. He analyses different markets combining the Elliott Wave analysis with Fibonacci tools. He provides a market mid-long-term vision.

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