Sell EURAUD Channel Breakout

The EUR/AUD pair on the M30 timeframe presents a potential selling opportunity due to a recent downward breakout from a well-defined bearish channel pattern. This suggests a shift in momentum towards the downside and a higher likelihood of further declines in the coming minutes or hours.

Key Points:

Sell Entry: Consider entering a short position around the current price of 1.6620, positioned close to the breakout level. This offers an entry point near the perceived shift in momentum.

Target Levels: Initial bearish targets lie at the previous support levels within the channel, now acting as potential resistance zones: 1.6525 and 1.6479. Further downside targets could be determined using other technical analysis methods like Fibonacci retracements or extensions.

Stop-Loss: To manage risk, place a stop-loss order above the broken support line of the channel, ideally around 1.6660. This helps limit potential losses if the price unexpectedly reverses and breaks back upwards.

Thank you.

交易進行:

Stronger AUD: The Australian Dollar (AUD) has been strengthening recently, supported by rising commodity prices like iron ore and improving risk sentiment. This could put downward pressure on EUR/AUD.

Weaker Eurozone Data: CPI & Unemployment data released yesterday showed a slight contraction in service activity, raising concerns about the Eurozone economy. This could weaken the Euro (EUR).