EURAUD: Counter-Trend Strategy

EURAUD, H4

EURAUD is rising, breaching above the 1.6600 resistance and the upper Bollinger Band.

The RSI leaves the overbought zone, showing a Counter0-Trend strategy setup with a high potential for a decline.

Consider a short trade on EURAUD on a break below the 1.6600 support with the target at 1.6370.

Trading foreign currencies on margin involves significant risks and may not be suitable for everyone, as high leverage can increase both potential gains and losses. Before entering the foreign exchange market, it is essential to evaluate your investment goals, personal experience, and risk tolerance.

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Author: Timur Yurdagyul