EUR/AUD Short Setup – ECB Catalyst + Technical Rejection
Looking to short EUR/AUD based on multi-timeframe confluence and a pending ECB rate cut.
4H Chart: Price is showing repeated rejection at a key resistance level initially formed during erratic price action on April 9th. That same level saw a strong rejection on April 16th, and price is now testing it again on April 17th with additional upper wicks and rejection candles.
1H Chart: A potential double top is forming at this resistance zone, reinforcing the bearish outlook.
15-Minute Entry: Planning to enter short at the close of the current 15-minute channel — expecting a clean breakdown from this consolidation.
Macro Context: With the ECB expected to announce a 25 bps rate cut today, euro weakness is likely. Given the lack of pre-event movement, I believe the cut is not yet fully priced in, increasing the odds of a sharp reaction post-announcement.
Targeting a 1:2 or greater R:R into the next 4H support or liquidity zone.
Looking to short EUR/AUD based on multi-timeframe confluence and a pending ECB rate cut.
4H Chart: Price is showing repeated rejection at a key resistance level initially formed during erratic price action on April 9th. That same level saw a strong rejection on April 16th, and price is now testing it again on April 17th with additional upper wicks and rejection candles.
1H Chart: A potential double top is forming at this resistance zone, reinforcing the bearish outlook.
15-Minute Entry: Planning to enter short at the close of the current 15-minute channel — expecting a clean breakdown from this consolidation.
Macro Context: With the ECB expected to announce a 25 bps rate cut today, euro weakness is likely. Given the lack of pre-event movement, I believe the cut is not yet fully priced in, increasing the odds of a sharp reaction post-announcement.
Targeting a 1:2 or greater R:R into the next 4H support or liquidity zone.
Trade closed: target reached
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.