The EUR/AUD currency pair is currently showing signs of weakness after failing to break through the supply area. This rejection indicates that selling pressure remains dominant at that level, increasing the likelihood of a downward move.
Adding to the bearish outlook is the potential formation of a new double top pattern, a classic signal of a trend reversal from bullish to bearish. If this pattern confirms, a further decline in price is expected.
Recommendation:
- Sell EUR/AUD
- Entry: 1.78947
- Take Profit: 1.77471
- Stop Loss: 1.79760
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