EURAUD: Trend-Following Trading Setup 🇪🇺🇦🇺
Hey traders,
EURAUD is trading in a long-term bearish trend.
After setting a new low this month, the pair retraced to a strong confluence zone:
the underlined yellow area is based on a daily structure resistance and 382 retracement of the last bearish impulse.
Within that zone, the market formed a double top formation.
To short the market with a confirmation you need an hourly candle close below the neckline of the pattern.
Then you can short on a retest
Targets will be 1.442 / 1.436
If the price sets a new higher high on hourly the setup will be invalid.
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