EURAUD – BUY STOP – 13th January 2021

EURAUD – BUY STOP – 13th January 2021 (Closed)

Good evening team,

In our second setup we are taking a look at the EURAUD. We may have position slightly early on the pair in telegram last week. The technicals still suggest a possible reversal opportunity is coming in the near future and we are looking to capitalise on that move.

EURAUD – Weekly Charts

We are approaching a historic supple zone on the EURAUD, this zone has provided support and resistance on many occasions over the past 25 years. This suggests we could see a bounce in this area.

EURAUD – 4 Hour charts

The RSI is creeping higher on lower price action, this tells us sellers are running out of steam creating a bullish divergence.

Price action is also thinning inside a falling wedge formation.

EURAUD – 1 Hour Charts

Trade Setup: BUY Stop – Entry price 1.5750, stop loss 1.5685, take profit 1.5860.

Stop loss: 65 pips

Take profit: 110 pips

If the market breaks to the downside of the wedge this setup becomes invalid and we will close the position.

Trade Setup


Take Profit

Stop Loss