EUR/AUD Long-Term Trend: Bearish
Key Resistance Levels: 1.61669, 1.63174, 1.64079.
Key Support Levels: 1.60724, 1.59377, 1.59300.
The price on the higher time frame faced a strong resistance level around the 1.63174 AUD and reversed to the downside along with an engulfing bearish pattern. This could lead to the sellers take control of the market and push the price downward toward the next key support level.
EUR/AUD Medium-Term Trend: Bearish
On the lower time frame, the pair managed to break the bullish channel formation to the downside after posting a series of lower higher. A higher correction could be seen to the strong resistance before a new impulsive wave toward the target profit.
Sell Limit Order @ 1.61648
TP 1 @ 1.60751
TP 2 @ 1.59377
Stop Loss @ 1.61990
Trade Safely 🙂