EUR/AUD 4-Hour Analysis: Bearish Continuation Setup
Chart Overview:
This EUR/AUD 4-hour chart analysis highlights a bearish continuation setup within an established downtrend. The chart outlines key resistance and support levels, along with potential price action paths.
Key Points:
1) Downtrend:
The chart shows a clear downtrend, as indicated by the downward sloping trend line marked on the chart. The series of lower highs and lower lows confirms the bearish momentum.
Resistance and Support Levels:
1) Resistance:
The significant resistance level around 1.61496 is highlighted with a black line. This level, which previously acted as support, is expected to cap any upward retracement.
2) Support:
The next major support level is marked around 1.59000, shown with a grey shaded zone at the bottom of the chart.
# Potential Reversal Zone:
A grey shaded zone near 1.61496 acts as a potential reversal zone where the price is expected to face resistance. This area aligns with the previous support turned resistance and is likely to be tested before resuming the downtrend.
# Price Projection:
The analysis suggests a potential short-term retracement towards the resistance zone around 1.61496, followed by a bearish continuation towards the support level at 1.59000.
# Market Sentiment:
The overall sentiment remains bearish given the strong downtrend and the anticipated resistance at the 1.61496 level. The expectation is for the price to continue its downward movement after a possible retracement.
# Trading Plan:
Look for shorting opportunities on retracements towards the resistance zone around 1.61496.
Consider placing stop-losses just above the resistance level to manage risk.
Target the support level around 1.59000 for potential take-profits.
This analysis suggests a bearish continuation for EUR/AUD, with a potential shorting opportunity on retracements towards the resistance zone. Traders should ensure proper risk management and stay updated with any external economic factors that may influence the price movement.
Chart Overview:
This EUR/AUD 4-hour chart analysis highlights a bearish continuation setup within an established downtrend. The chart outlines key resistance and support levels, along with potential price action paths.
Key Points:
1) Downtrend:
The chart shows a clear downtrend, as indicated by the downward sloping trend line marked on the chart. The series of lower highs and lower lows confirms the bearish momentum.
Resistance and Support Levels:
1) Resistance:
The significant resistance level around 1.61496 is highlighted with a black line. This level, which previously acted as support, is expected to cap any upward retracement.
2) Support:
The next major support level is marked around 1.59000, shown with a grey shaded zone at the bottom of the chart.
# Potential Reversal Zone:
A grey shaded zone near 1.61496 acts as a potential reversal zone where the price is expected to face resistance. This area aligns with the previous support turned resistance and is likely to be tested before resuming the downtrend.
# Price Projection:
The analysis suggests a potential short-term retracement towards the resistance zone around 1.61496, followed by a bearish continuation towards the support level at 1.59000.
# Market Sentiment:
The overall sentiment remains bearish given the strong downtrend and the anticipated resistance at the 1.61496 level. The expectation is for the price to continue its downward movement after a possible retracement.
# Trading Plan:
Look for shorting opportunities on retracements towards the resistance zone around 1.61496.
Consider placing stop-losses just above the resistance level to manage risk.
Target the support level around 1.59000 for potential take-profits.
This analysis suggests a bearish continuation for EUR/AUD, with a potential shorting opportunity on retracements towards the resistance zone. Traders should ensure proper risk management and stay updated with any external economic factors that may influence the price movement.
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