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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:
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.
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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.