EURAUD – Below Key Resistance Zone. Time to Sell? | Jun 12

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EURAUD – Major Resistance Zone Ahead. Selling Opportunity? (Daily Chart)

Price Action Context

LT we’re in a big range between 1.53 and 1.63. The lows are building over the last 2 round trips to the key resistance zone ~ 1.6250 and 1.6350. There is also the spike high from Dec. last year which goes up towards 1.67.

euraud-approaching-key-resistance-zone-2ndskiesforex

Trend Analysis

LT neutral while inside this large zone, ST bullish as we’re producing lower highs and continually pressuring the resistance zone above. Traders will need to watch out for a false break setup above the zone, but there are potential opportunities to be short at the zone and long above.

Key Support & Resistance Levels

R: 1.6250 – 1.6350, 1.67

S: 1.61 – 1.565

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