Preferred direction: SELL Comment: A potential medium-term sale is brewing for the EURAUD currency pair. At the moment, the key role is played by resistance at 1.66296. The price, having already felt resistance, stopped its movement at the level of 1.66000.
Two scenarios for selling are proposed, where the more likely scenario is a preliminary approach to the level of 1.66296 (scenario №1). A fall from current prices is less likely, but can also be considered under conservative risks. The target for the fall is located at the level 1.64609.
Additional comments on this trade will be provided as situation changes. Follow us!
Nice analysis! The resistance level seems solid, as the price has respected it multiple times in the past. I suspect a descending trendline might align with the resistance level, which is a good sign of bearish momentum coming to the market. Let's see how this plays out.