📊 Technical Analysis: The 1-hour chart for EUR/AUD is showing a compelling bearish engulfing pattern. This candlestick pattern indicates a potential reversal of the ongoing uptrend, signaling a shift in market sentiment favoring the bears. The bearish engulfing pattern occurs when a large bearish candle completely engulfs the previous smaller bullish candle, reflecting a strong selling presence.
Take Profit: 1.65295 🔍 Trade Rationale: The bearish engulfing pattern suggests that sellers have gained control, and a downward price movement is likely. This trade is based on the expectation that the bearish momentum will continue in the short term. Remember to set appropriate risk management measures, including a stop-loss order to limit potential losses.
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