The EURAUD currency pair has encountered a significant resistance level, failing to break above the critical 61% Fibonacci retracement level. This suggests that bullish momentum is weakening, reinforcing the case for a potential downward move. Given this technical setup, we favor entering a short position at the current levels, aligning with the ongoing bearish trend.
Additionally, the presence of a Death Cross—a widely recognized technical pattern where the 50-day moving average crosses below the 200-day moving average—further confirms the likelihood of continued downside pressure. This classic sell signal strengthens our bearish outlook, indicating that sellers are in control of the market.
For risk management, we set a stop-loss above 1.6550 to protect against potential upside breakouts. Meanwhile, our profit target is placed below 1.6350, ensuring a favorable risk-to-reward ratio. This setup allows traders to capitalize on the prevailing bearish trend while maintaining disciplined risk management.
Profit & Loss
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