EURAUD / H4 / Daily Forex Technical Analysis / 5.3.2019

Hello Traders, welcome to the Daily Forex technical analysis. Today is May 3rd, 2019 and we will be taking a look at the Euro against the Australian Dollar. Looking at the 4 hour time frame, we can see price action had a nice move off the lows near the 1.5721 support area. Looking at the overall structure price action may still have room to run up to a key area of support and resistance near the 1.6031 region. We may be getting ahead of ourselves here, but the NFPs may cause volatility to reach that resistance area of 1.6031. If we reach these levels we would be looking for an opportunity to go Short near the 1.60451 area, with a Stop Loss near the 1.60808 region, and target a profit level near the 1.59632 area for what can be a profitable trade with a 2.29 to 1 R/R.