The EURAUD currency pair appears to be undergoing a trend reversal, signaling a potential shift in market direction. A notable technical development is the formation of a Death Cross on the chart, a widely recognized bearish indicator that typically suggests a selling opportunity. This occurs when a short-term moving average crosses below a long-term moving average, reinforcing the likelihood of a downtrend.
Additionally, the recent upward correction was capped below the 61.2% Fibonacci retracement level, indicating that the bearish momentum remains intact and the recovery attempt lacked sufficient strength to break higher. Given these signals, we are initiating a direct sell position at the current market price. To manage risk effectively, a stop-loss (SL) has been placed at a distance of 1.2% from the entry point, ensuring protection against potential adverse price movements. Meanwhile, the take-profit (TP) level is strategically set within the 1.7% range, aiming for a profit target of approximately 220 pips.
This trade setup aligns with the prevailing technical outlook, leveraging key resistance and support levels to maximize potential returns while maintaining a disciplined approach to risk management. The combination of the Death Cross confirmation and the rejection at a key Fibonacci level strengthens the bearish bias, making this an opportune moment to enter the market with a well-calculated strategy.
Profit & Loss
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