EURAUD | 4 Hour Bullish ContinuationEURAUD could fall rise if it can stay above 1.64585.
Why 1.64585?
The price for the EURO is increasing which means Australians have buy the Euro at a higher price. But what is this is the time for them to buy it at discount before it goes back up?
Evidence
High(H) & Low(L)
Per the 4 our timeframe, price is increasing. The current rise price of the Euro price per the Australian Dollar has been 1.66052(H), 1.64584(L), 1.66123(H),
We can see the high and low prices are increasing hence what is called Higher highs and higher lows.
Actions
The best action to take is to buy since currently the trend is up. That is what the chart per this timeframe is showing.
If this trade plays out there is possibility price could pass the high at 1.66123.
Sidenote:
Your Reward to Risk will vary from mine analyzing this trade using your own risk management strategy and trading plan.
What can invalidate this trade?
If price pushes lower than 1.64585, the trade in invalidated.
Should you trade this?
If this fits how you trade, yes.
If not no.
Let's keep it that simple.
I hope you enjoyed this analysis.
Like this post and share it if you did.😁
Many blessings,
Shaquan
