EUR/AUD Potential Downward Movement

EUR/AUD Long-Term Trend: Bearish

Key Resistance Levels: 1.4854, 1.4940, 1.5033

Key Support Levels: 1.4597, 1.4492, 1.4417

Daily Time-frame:

The price on the higher time frame has been in a downtrend for weeks and we saw a pullback and then a continuation of the trend. We see the price did another pullback to the 1.4940 level and the pair continued a downtrend after facing rejection from the top.

EUR/AUD Medium-Term Trend: Bearish

1-Hour Time-frame:

In the lower time frame, the price is moving in the major trend direction. The pair is moving in a lower-low, lower-high pattern and it has faced resistance at the 1.4760 level. We see that the price first broke down and retested that resistance level before continuing the momentum.

Signal Idea:

Sell Stop Order @ 1.4688

TP 1 @ 1.4605

TP 2 @ 1.4522

Stop Loss @ 1.4771

Trade Safely 🙂