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EUR/AUD Potential Downward Movement

EUR/AUD Long-Term Trend: Bearish

Key Resistance Levels: 1.61669, 1.63174, 1.64079.

Key Support Levels: 1.60724, 1.59377, 1.59300.

Daily Chart:

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

1-Hour Chart:

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.

Signal Idea:

Sell Limit Order @ 1.61648

TP 1 @ 1.60751

TP 2 @ 1.59377

Stop Loss @ 1.61990

Trade Safely 🙂

About Joe Damien

Joe is a proven Forex analyst and manual trader with 6 years of full-time trading experience. He is a swing trader that relies on price action, market structure and Fibonacci retracement. His two most successful pairs are CHF/JPY, CAD/JPY, but his expertise allows him to profit on any asset or pair.

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