The EUR/AUD currency pair has experienced a sharp upward movement, reaching a key resistance level. Given the overbought conditions indicated by the Stochastic Momentum Index (SMI) and historical price action, a potential reversal is anticipated. The trade setup involves entering a short position near the 1.72576 level, with a stop loss set around 1.74375 to manage risk, and a take profit target at 1.63719, aligning with a previous support zone. This setup offers a favorable risk-to-reward ratio if the price follows the expected downward correction.
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