EURAUD: Major Trend Line Trade
hey traders,
EURAUD is approaching a major falling trend line.
on 4H the price has already formed two rejection and one dodji candles signifying a strong bearish pressure on the underlined structure.
also, we have a perfect cross between a horizontal resistance of a current wide 4h range and above-mentioned trend line,
and it increased the chances that the structure will be respected this time.
for confirmation, I would look for a bearish breakout of a narrow horizontal range on 1H.
1.6367 is its support. let the market break and close below that and then sell aggressively or on retest expecting a bearish continuation.
T1 - 1.6325
T2 - 1.629
safe stop will be above the last lower high within the range
remember that in case of a bullish violation of a range on 1H, it will confirm the breakout of a major trend line and our bias will shift to bearish.
this scenario is also possible so be prepared.
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