EURAUD Sell opportunity at daily range top
Updated
EURAUD is ranging in daily timeframe between 1.53 and 1.42
The latest bull run looks exhausted ends with a false break in smaller timeframe, follow by a small range (in my understanding it may could be a distribution) then bearish momentum.
the story happen at an important price level:
1. important support & resistance interchange price zone in daily chart
2. in smaller timeframe it has sign of buying exhaustion
3. false break up
4. small ranging pattern (distribution?)
5. bearish momentum to break down
I'll short it near the recent ranging, ultimate target is daily range bottom 1.42, but i'll keep an eye when the price approach 0.618 of the uptrend, or break up zone 1.495, the risk and reward is very attracting.
The latest bull run looks exhausted ends with a false break in smaller timeframe, follow by a small range (in my understanding it may could be a distribution) then bearish momentum.
the story happen at an important price level:
1. important support & resistance interchange price zone in daily chart
2. in smaller timeframe it has sign of buying exhaustion
3. false break up
4. small ranging pattern (distribution?)
5. bearish momentum to break down
I'll short it near the recent ranging, ultimate target is daily range bottom 1.42, but i'll keep an eye when the price approach 0.618 of the uptrend, or break up zone 1.495, the risk and reward is very attracting.
Trade closed: stop reached
Bull win, the order close with loss.market is still trending up, however the recent movement is slow, so no immediate buy setup is spotted, it's also not beneficial to place buy order at daily resistant zone. I'll leave this pair aside first, either it break up the zone with solid bullish movement then plan the buy order when retest (if available), or another short try if it further show a solid false break up with strong bearish movement (again, if available).
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