EURAUD - Near Strong Resistance Level, Reversal Likely
*update 22/6/209 = closed the position, booked a loss
The pair has surged in the past few days and now approaching 1.6450 level. This is a really strong resistance area where we can see the price has bounced back down a couple times after reaching 1.640 level.
If we look at the MACD indicator and compare it with the price, we can see there is a bearish divergence. Beside that, there is a bearish engulfing pattern which shows a reversal is likely.
I prefer to sell this pair.
I will keep checking the price movement and will make adjustment if necessary.
Chart Disclaimer : This is not advice or recommendation to trade. It is pure educational and general information only. Do your own research before you decide to buy/sell the markets. Be aware of the risks.