EURAUD is all set to continue its downward movement!
The price is moving down within a descending channel. Right now, it bounced off the upper boundary and hit a key weekly resistance. A candlestick pattern with a long upper wick and a small body has formed. Plus, there's a rising wedge on the 4-hour chart. A short trade looks good based on price action and backed by volume analysis, which clearly shows a clear exhaustion of buyers.
Time Frame: daily
Idea support:
- Price action
- Volume Analysis
- Trend analysis
Time Frame: daily
Idea support:
- Price action
- Volume Analysis
- Trend analysis
Trade active
Price: 1.6472
TP: 1.6175
SL: 1.664
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.