2016-02-23_19-11-22euraud-1024x503

Dear all,

Price has been coming down on the euraud 4 hour chart.

We have been given a series of lower lows and lower highs.

Now price is at the support zone of 1.51200 to 1.51800.

The 5/8 moving averages made a bullish crossing so that momentum of price is to the upside.

The trade recommendation I can advise on is to wait for an overbought stochastik and trade in direction of the prevailing trend.

Price should then be at resistance situated at the area of 1.53250 to 1.54000.

The soft target would be at number 6 which is the area of the present support and if this area breaks then the next target would be at number 8 which would be the area of 1.50400 to 1.49600.

BEST OF PIPS