EURAUD in a box

2018年10月28日

EURAUD is in a box so we have two scenarios:
1- Wait that price breaks support (this support was a resistance in May 2018 so now it works as a support.
My pending order is a Sell stop below low of 1st week of October 2018, stop loss just above the support and take profit to next support zone. Risk/reward ratio is 2.25.

2- Support is still in place also next week, so target is resistance line: my plan is to wait for a price action signal and place a buy order with take profit at resistance line and stop loss at support line.
In this case is very important to follow the trade because there is a possible reverse at fibonacci level 61 or 78 so move the stop loss breakeven as soon as price goes above fibo level 50.

ADVICE:
This idea is based on my researches, do your own study and don't invest based on this idea only.

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