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 🙂