[EURAUD, 1/17/2019] Bears are still in control

In H4 chart, the downward channel so far is still valid. With the price is currently re-testing yesterday's resistance by the trend line and MA 200, I can see these resistance indicators are working well.

Even though H1 and H4 show bullish MACD , I personally believe the bullish pull-back has just finished as the last H4 bullish divergence in Jan 13th also pulled back for about 100 pips and then continued downward.

Therefore, I opened sell near the 1.59000 resistance. Stop loss is slightly above yesterday's high.

Comment:

Moved SL to entry.

Trade closed manually:

Closed with profit before the price boosted up. It appears that bulls are taking control, especially AUD is weak.Downward channel seems to be broken as well.