FOLLOW UP STRUCTURE | EURAUD (4H)

This is a follow-up plan of the long term speculation published earlier (see link below for reference purposes) where we enjoyed 85pips bearish move. See below our plan as setup surfaces!

Tendency: Uptrend ( Bullish )
Structure: Bullish Rectangle | Breakout
Observation: i. Price action has occurred over time (14th Oct -28th Nov. 2019) amidst a series of bounded fluctuations explaining the indecision in the market at this juncture.
ii. Anticipating price to break Rectangle's resistance line at the 1.63000 zone (a psychological level).
iii. A breakout will confirm a bullish continuation pattern inciting a breakthrough out of an indecisive trend.
iv. Price hovering around support within Rectangle in what appears to be complete of correction from the last impulse move from 1.62100 zone.
v. Price above the Moving Averages.
Trading Plan: BUY now or at rectangle breakout with potential TP1, TP2 and TP3 (210pips) and SL @ 1.62000/1.61100 zone
Risk/Reward: 1/2
Potential Duration: 3 to 6 days


** Please note that Stop Loss is subject to individual risk appetite per trade and account size.

Watch this space for follow up plan on lower time frames as price action is been monitored.











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