Forex Signals

EURAUD – Expecting Fresh Bullish Incorporations


The EURAUD cross in its hourly chart exposes an intraday upward sequence, which began at 1.60334, in where the price reacted mostly bullish, developing five internal moves that violated the descending trendline prevailing from the past week.

For the following trading sessions, we expect a limited retrace between levels 1.6177 and 1.6145, from where the price could find fresh buyers waiting to place their limit long positions. 


Our bullish scenario considers the potential retrace until 1.6177 from where the price could find fresh buyers, which could allow us to incorporate in a new rally with a potential bullish target at 1.6394.

The bullish scenario will be invalid if the price plummets and closes below 1.6077.


Trading Plan Summary


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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