Short trade on EURAUD

Short trade on EURAUD


Hi all,

i’ve been looking at this pair over the last days, and it finally turned into a trading opportunity right now. The blue zone is a structure zone in which price has lately been very sensitive and it’s also been a zone in which price has gone overbought on the 4hr chart, also creating a short candlestick with an engulfing candle. Moreover, on the hourly timeframe price has created a strong bearish leg, which signifies selling pressure. A conservative trader would wait for a break of the hourly support, i’m entering now because my trading rules are met.

If you have questions, feel free to comment below.
Otherwise, see you in the next chart!