EURAUD Potential For Bullish Continuation | 10th June 2022

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On the H4, with price moving within the descending trend channel, we have a bearish bias that price will drop from 1st resistance at 1.50383 in line with the horizontal swing high to the 1st support at 1.47803 at the multiple swing lows in line with the 61.8% fibonacci projection. Alternatively, price may break 1st resistance and rise from 1st resistance to 2nd resistance at 1.51611 in line with the 78.6% fibonacci retracement and multiple swing highs.

Trading Recommendation Entry:1.50383

Reason for Entry:

horizontal swing high

Take Profit: 1.47803

Reason for Take Profit:

multiple swing lows, 61.8% fibonacci projection

Stop Loss: 1.51611

Reason for Stop Loss:

78.6% fibonacci retracement and multiple swing highs

Trading analysis offered by RobotFX and Flex EA.