The EURAUD currency pair is currently showing a bearish outlook. This downward momentum is supported by the formation of a double top pattern, a classic technical signal indicating a possible reversal from an uptrend to a downtrend.
Furthermore, a descending trendline confirms that selling pressure remains dominant in the market. The presence of bearish candlestick patterns suggests that sellers are regaining control, increasing the likelihood of further downside in the short term.
As long as the price stays below the newly formed resistance zone, the bearish scenario remains valid.
Recommendation:
- Sell EURAUD
- Entry: 1.77730
- Take Profit 1: 1.77430
- Take Profit 2: 1.77130
- Stop Loss: 1.78030
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