EURAUD: Falling wedge + Head and Shoulder
Updated
Daily Chart
EURAUD on daily chart created a "Falling wedge" pattern and a "Head and Shoulder" pattern in the making. The right shoulder pulled back and retested the resistance trend line. We have divergences and the volume on the right shoulder is lower than the one on the left shoulder. Price broke out and retested 100 EMA daily and the next is 200 EMA daily, for a continuation move to downside. I am expecting for price to move this week.
240 min Chart
Price broke out of a strong structure and pulled back. Structure + 100 EMA + 200 EMA acted as strong resistance.
We can see price to continue down and finish the correction as a flat or a more complex correction.
Any break above 1.5890 would invalidate this setup.
Good Luck!
EURAUD on daily chart created a "Falling wedge" pattern and a "Head and Shoulder" pattern in the making. The right shoulder pulled back and retested the resistance trend line. We have divergences and the volume on the right shoulder is lower than the one on the left shoulder. Price broke out and retested 100 EMA daily and the next is 200 EMA daily, for a continuation move to downside. I am expecting for price to move this week.
240 min Chart
Price broke out of a strong structure and pulled back. Structure + 100 EMA + 200 EMA acted as strong resistance.
We can see price to continue down and finish the correction as a flat or a more complex correction.
Any break above 1.5890 would invalidate this setup.
Good Luck!
Note
240 min chart
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