EUR/AUD - Reversal Incoming?

📉 *Reversal Incoming?*

The EUR/AUD daily chart suggests a potential **bearish correction**, as price faces strong resistance after a sharp rally. Key insights:

🔹 **Resistance Zone**: The pair is struggling near **1.7330 - 1.7410**, a historically significant level.
🔹 **Rejection & Pullback**: A clear rejection could lead to a drop toward **1.6819 - 1.6780**, a previous demand area.
🔹 **Moving Average Factor**: The price is overextended from the 50-day MA, signaling a possible mean reversion.
🔹 **Risk-Reward Setup**: A short trade from the current level targeting **1.6800** offers an attractive risk-to-reward ratio.

💡 **Bearish Scenario**: If rejection is confirmed, EUR/AUD could slide to **1.6800** in the coming weeks.
⚠️ **Bullish Risk**: A breakout above **1.7410** may invalidate the short bias, leading to further gains.

📊 **Overall Sentiment: Bearish Reversal 🔻**