Daily Price Action

EURAUD Breakout Targets 1.70


Last Friday, I wrote about a simple range break opportunity from EURAUD.

Although the pair hadn’t broken out of its 450 pip range, it looked like it was due for one.

I even told members that the recent higher low in early October suggested strength and an imminent break higher.

Here’s what the chart looked like on Friday:

EURAUD key horizontal levels
EURAUD daily time frame

Fast forward to today, and EURAUD is already halfway to its target.

Notice how Monday’s session closed well above the 1.6570 level.

That was my trigger for a long position.

On Friday, I also wrote that a daily close above 1.6570 would open the door to the 1.7000 handle.

The 1.70 level was crucial earlier this year, and it’s also equal distance to the previous 450 pip range.

A good rule of thumb for range breaks is to use a target that’s the same distance from the breakout level as the prior range.

In this case, that’s about 450 pips higher.

We’ll see if EURAUD bulls have what it takes to reach 1.70 over the coming sessions but so far, so good.

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EURAUD breakout on the daily chart
EURAUD daily time frame

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Justin Bennett says

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Shaun Gliddon says

Hi, I’ve been watching this closely, yourself aswell as most other people teach to wait for it to breakout and then pullback then enter once it uses the resistance as support?? But obviously something like this has just shot through, so when do you know when to do this?

    Justin Bennett says

    There’s still time for a retest, but I always scale into breakouts like this in case there is no pullback.

ali says

thanks for the update sir.

    Justin Bennett says

    You’re welcome.

Husham says

Hi Justin, i case of entering into this type of trade what is the que? Do we wait for the daily candle to close above the range and enter? and do where do we keep the stop loss in case the breakout is a false breakout?

Richard Alterado says

Thanks for the update coach I was able to catch the uptrend last Monday til yesterday.

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