EURAUD is currently trading within a range-bound market, meaning it has been moving within a defined support and resistance level for a period of time.Looking at the price chart of EURAUD, we can identify a clear support level where the price has repeatedly bounced off in the past. This support level indicates a strong area where buyers have historically stepped in to push the price higher.
For this trade idea, a potential profit target could be set at or near the resistance level within the range. This level represents an area where sellers have historically been active, so it's reasonable to expect some resistance to price movement. As for stop-loss areas, they should be placed below the support level to limit potential losses if the market moves against the trade.
For this trade idea, a potential profit target could be set at or near the resistance level within the range. This level represents an area where sellers have historically been active, so it's reasonable to expect some resistance to price movement. As for stop-loss areas, they should be placed below the support level to limit potential losses if the market moves against the trade.
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