EURAUD EUR/AUD broke out of a daily rising wedge, rejecting off a significant order block that has defined its range for years. The failure to reclaim recent highs after grabbing liquidity signals exhaustion in the upward move, with price now shifting back into the range.
Execution Highlights: • Entry: Shorted at the rejection point with confluence from Bollinger Bands signaling heightened volatility. • Target: Initial target set at the previous daily higher low (HL), aligning with a Fibonacci extension. A breakdown of the HL would lead to extended targets at the 0.5–0.618 retracement zone. • Indicators: Supported by bearish momentum and no oversold conditions, confirming room for further downside.
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EURAUD triple 4h candle all closed below supply zone indicated the supply zone on top is strong, price currently around 0.5-618 zone, targeting sell to clear below liquidity