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DrSwing_Forex

EURAUD (1 HOUR): 2nd Retest sell setup

Short
Euro / Australian Dollar (OANDA:EURAUD)  
DrSwing_Forex  
OANDA:EURAUD   Euro / Australian Dollar
Trend Analysis Trend Lines Candlestick Analysis
5
1
trendanalysis trendline candlestick
Hello fellow traders, here's my view on EURAUD for the week, enjoy.

Reward: 246 pips🤑
Risk: 30 pips❌
Risk/Reward Ratio: 7.36✅

Chart Breakdown: 📉📈
  • Daily: Price is currently in a downtrend. There are two fakeout's on the daily upward trendline indicating momentum to the downside. We are therefore bearish on the daily chart.
  • 4 Hour: We have a downtrend in place on this timeframe, therefore we are bearish on this timeframe.
  • 1 Hour: We have a second retest of a upward trendline indicating a sell setup. We have a shooting star reversal candlestick pattern to confirm sell entry.

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