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EUR/AUD Potential Downward Movement

EUR/AUD Long-Term Trend: Bearish

Key Resistance Levels: 1.4699, 1.4795, 1.4912

Key Support Levels: 1.4602, 1.4550, 1.4482

Daily Chart:

The price on the higher time frame has been in a downtrend for months and recently it did a pullback. The pair faced resistance at the 1.5293 level and reversed from there. A trendline and a minor support level of 1.4769 has been broken 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 has been trading between a range of 1.4913 and 1.4796 for some time and the lower range was broken. A minor level of 1.4699 has been broken and retested before continuing the momentum.

Signal Idea:

Sell Stop Order @ 1.4666

TP 1 @ 1.4607

TP 2 @ 1.4489

Stop Loss @ 1.4725

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.

2 comments

  1. Hi EurAud, I booked TP1, can I take entry at tp1 with SL at entry and TP2 as target.
    Please don’t mind, I am sweating at AudCad trade, the upmove yesterday was 50 percent retracment on Daily chart, of bear candle. And I actually wanted to take short trade.
    Thanks and regards

    • Hi, I wouldn’t recommend a new trade in EURAUD at this point. If you had taken a position for TP2 initially then best to make it risk free and wait for TP2. And I agree on AUDCAD, AU is not showing strength we’ll see.

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