Since mid-August of last year, 
EURAUD has been consistently forming lower highs on our chart, negating a bullish trend that spanned over a year, a trend which was negated back in December.
This year, the pair has entered into a distribution phase, with a high likelihood of establishing a new lower high.
Over the past month and a half, bears have sold every rally, particularly those near or slightly above 1.66.
With the pair returning to the support zone, there is a strong possibility of a downward breakout.
In such a scenario, EURAUD could accelerate its losses, potentially dropping below 1.6, a movement of around 500 pips.
Moreover, such a trade could potentially offer a remarkable risk-to-reward ratio of 1:4 to 1:5.
EURAUD has been consistently forming lower highs on our chart, negating a bullish trend that spanned over a year, a trend which was negated back in December. This year, the pair has entered into a distribution phase, with a high likelihood of establishing a new lower high.
Over the past month and a half, bears have sold every rally, particularly those near or slightly above 1.66.
With the pair returning to the support zone, there is a strong possibility of a downward breakout.
In such a scenario, EURAUD could accelerate its losses, potentially dropping below 1.6, a movement of around 500 pips.
Moreover, such a trade could potentially offer a remarkable risk-to-reward ratio of 1:4 to 1:5.
📈 Forex & XAU/USD Channel:
t.me/intradaytradingsignals
💎 Crypto Channel:
t.me/FanCryptocurrency
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
📈 Forex & XAU/USD Channel:
t.me/intradaytradingsignals
💎 Crypto Channel:
t.me/FanCryptocurrency
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.