About a month ago, I drew attention to a potential long-term short setup on EUR/AUD, highlighting that the pair had formed a measured move pattern after the sharp drop from 1.85.
Since then, price broke below the rising trendline, but at that moment the drop lacked follow-through, and EUR/AUD bounced back. This bounce may now be a retest of the broken ascending trendline.
If this is the case, bears could get a second chance to enter at higher levels, with the overall bearish structure still intact.
Trading Plan: Selling around 1.79 could offer a solid medium-to-long-term opportunity, with a risk–reward ratio of approximately 1:2.5.
Disclosure: I am part of TradeNation's Influencer program and receive a monthly fee for using their TradingView charts in my analyses and educational articles.
Since then, price broke below the rising trendline, but at that moment the drop lacked follow-through, and EUR/AUD bounced back. This bounce may now be a retest of the broken ascending trendline.
If this is the case, bears could get a second chance to enter at higher levels, with the overall bearish structure still intact.
Trading Plan: Selling around 1.79 could offer a solid medium-to-long-term opportunity, with a risk–reward ratio of approximately 1:2.5.
Disclosure: I am part of TradeNation's Influencer program and receive a monthly fee for using their TradingView charts in my analyses and educational articles.
📈 Forex & XAU/USD Channel:
t.me/intradaytradingsignals
💎 Crypto Channel:
t.me/FanCryptocurrency
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
📈 Forex & XAU/USD Channel:
t.me/intradaytradingsignals
💎 Crypto Channel:
t.me/FanCryptocurrency
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.