EURAUD Testing Key Resistance Zone: Potential Sell Setup

Jan 26

EURAUD has reached a significant resistance zone, marked by historical price rejections. The recent bullish momentum has brought the price into this key resistance zone, where sellers have previously gained control. The current market structure suggests the potential for a reversal, as this level has consistently acted as a barrier to further upward movement. If the price confirms a rejection from this resistance zone, such as with bearish candlestick patterns or wicks signaling strong rejection, I anticipate a move downward toward the 1.66246 level.

Patience is key—look for confirmation signals before taking any short positions.

Jan 26

Trade active

Jan 27

Trade closed: target reached

Take Profit Hit