📉 EURAUD SELL 📉
💰Take Profit 1 - 1.6688
💰Take Profit 2 - 1.6638
💰Take Profit 3 - 1.6588
❌ Stop loss - 1.6868
Technical analysis:
The EURAUD pair is currently in a bearish trend, and it is currently trading near the top of its range. The current spot rate is 1.6768, and a sell entry point of 1.6768 is just below the recent high of 1.6788.
The pair is also trading below its 200-day moving average, which is a bearish signal. The pair is also forming a descending triangle pattern, which is a continuation pattern that typically leads to a breakout to the downside.
Fundamental analysis:
The euro is generally seen as a riskier currency than the Australian dollar, and it has been weakening against the Australian dollar as concerns about the global economy have grown.
Second, the European Central Bank (ECB) is expected to raise interest rates more slowly than the Reserve Bank of Australia (RBA), which could put downward pressure on the EUR against the AUD.
Finally, the European economy is expected to grow more slowly than the Australian economy in the near term. This is due to a number of factors, including the ongoing war in Ukraine and the energy crisis.
Risks:
There are a few risks to consider before entering a trade on EURAUD. First, the global economy is still facing some headwinds, such as the war in Ukraine. These headwinds could weigh on risk appetite and lead to a rise in EURAUD.
💰Take Profit 1 - 1.6688
💰Take Profit 2 - 1.6638
💰Take Profit 3 - 1.6588
❌ Stop loss - 1.6868
Technical analysis:
The EURAUD pair is currently in a bearish trend, and it is currently trading near the top of its range. The current spot rate is 1.6768, and a sell entry point of 1.6768 is just below the recent high of 1.6788.
The pair is also trading below its 200-day moving average, which is a bearish signal. The pair is also forming a descending triangle pattern, which is a continuation pattern that typically leads to a breakout to the downside.
Fundamental analysis:
The euro is generally seen as a riskier currency than the Australian dollar, and it has been weakening against the Australian dollar as concerns about the global economy have grown.
Second, the European Central Bank (ECB) is expected to raise interest rates more slowly than the Reserve Bank of Australia (RBA), which could put downward pressure on the EUR against the AUD.
Finally, the European economy is expected to grow more slowly than the Australian economy in the near term. This is due to a number of factors, including the ongoing war in Ukraine and the energy crisis.
Risks:
There are a few risks to consider before entering a trade on EURAUD. First, the global economy is still facing some headwinds, such as the war in Ukraine. These headwinds could weigh on risk appetite and lead to a rise in EURAUD.