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EUR/AUD Potential Downward Movement

EUR/AUD Long-Term Trend: Bearish

Key Resistance Levels: 1.4988, 1.5055, 1.5167

Key Support Levels: 1.4817, 1.4719, 1.4613

Daily Chart:

The price on the higher time frame has been in a downtrend for some time and recently it did a pullback but faced resistance at the 1.5293 level. The pair has now broken the lower trendline which indicates a bearish bias.

EUR/AUD Medium-Term Trend: Bearish

1-Hour Chart:

On the lower time frame, the pair is moving in the major trend’s direction. The price consolidated between a range of 1.5283 and 1.5168 for some time and then broke the lower range. The pair has now broken a support level of 1.4989 and retested before continuing the momentum.

Signal Idea:

Sell Stop Order @ 1.4925

TP 1 @ 1.4831

TP 2 @ 1.4643

Stop Loss @ 1.5019

Trade Safely 🙂

About Vipul Rathaur

A trader with more than six years of experience, Vipul is a discretionary trader and uses multi time frame analysis for his analysis and price action for his trade signals. Believes that risk management is the secret to making it in this world. He trades major Forex pairs, Indices, and Commodities.

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