EURAUD (1 Hour): Potential sell setup???

Hello traders, here's my view on EURAUD for this week, enjoy!!

Reward: 412 pips 🤑
Risk: 41 pips ❌
Risk/Reward Ratio: 9.96 ✅

Chart Breakdown: 📉📈

• Daily: Price formed two fake-outs below the upward trendline indicating that trendline will soon break.
  Downtrend in place indicated by successive lower-highs and lower-lows.
  Price formed a bearish engulfing candlestick at a resistance level near the trendline and failed to break above this resistance level indicating sell pressure
  
• 4 Hour: A sell setup is in place as a result of a third touch of a downward trendline.
  Price is in a downtrend and is currently consolidating, this indicates that the downtrend is going to continue after the market stops consolidating.
  I'm anticipating a breakout of the minor upward trendline to confirm my sell entries.
  

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DR.Swing_Forex