EURAUD (Daily) - TEST OF PREVIOUS STRUCTURE RESISTANCE

We've had a handful of trading opportunities on our radar, but most of them have stood still and have done nothing. Fortunately, the EURAUD has been a pair that's moved nicely & has given us a nice opportunity to short as price reaches the extremes of a previous level of structure resistance.

Something that I told our traders to be on alert for with this opportunity is the "overlapping level of structure" as these are sneaky areas that newer traders typically don't pay attention to and because of that a common result is having their stops taken out only to see the trade ultimately went in their favored direction. Sounds familiar?

If you go down to a lower timeframe (1 hour) you'll also see a double top which can be used as a reason for entry assuming it's still valid by the time I post this.

I hope you guys have a great weekend & as always if you have any questions or comments about the setup, or just want to share your view feel free to use the comment section below.

Akil