Lingrid | EURAUD short after FAKE Breakout of CONFLUENCE Zone for FX:EURAUD by Lingrid

Lingrid | EURAUD short after FAKE Breakout of CONFLUENCE Zone

is currently testing a key resistance zone at 1.65000, which coincides with an upward trendline and the border of a downward channel, creating a confluence zone. Following an impulsive bearish move from this zone previously, the price has retraced back to this resistance area. Given that this level acts as a round number and aligns with the upward trendline, I anticipate a potential reversal from this resistance area. If the price creates a fake breakout—indicated by rejection at this level—we can expect the market to move lower, potentially leading to a more bearish move. My goal is the support zone around 1.63000

Traders, if you liked this idea or if you have your own opinion about it, write in the comments. I will be glad 👩‍💻

Lingrid

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