EUR/AUD Short Setup – Sell from Resistance Zone
Updated
Entry: Looking to short at 1.648500, just inside the resistance zone.
Entry 2: 1.65300
Stop Loss (SL): Above 1.6600 to manage risk if the price breaks the resistance.
Take Profit (TP):
TP1: 1.63800 (First support level)
TP2: 1.62800 (Next major support level)
Analysis:
*Resistance Rejection: Price is currently facing strong resistance around 1.6480, and we expect a potential rejection from this level.
*Bearish Structure: The pair is in a downtrend with a series of lower highs, and this setup follows the broader bearish market sentiment.
*Risk Management: SL above 1.6600 is well placed to avoid getting caught in a breakout, while targeting the lower support levels at 1.6270 and 1.6127.
Entry 2: 1.65300
Stop Loss (SL): Above 1.6600 to manage risk if the price breaks the resistance.
Take Profit (TP):
TP1: 1.63800 (First support level)
TP2: 1.62800 (Next major support level)
Analysis:
*Resistance Rejection: Price is currently facing strong resistance around 1.6480, and we expect a potential rejection from this level.
*Bearish Structure: The pair is in a downtrend with a series of lower highs, and this setup follows the broader bearish market sentiment.
*Risk Management: SL above 1.6600 is well placed to avoid getting caught in a breakout, while targeting the lower support levels at 1.6270 and 1.6127.
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