The EURAUD pair had a very strong August 26 - October 14 rally and since then it has been on a short-term Channel Down (Lower Highs/ Lower Lows). This volatility/ consolidation has been a distinct characteristic of both previous tops (Lower Highs) within the long-term Bearish Megaphone pattern that in June 2020.
A break below the 4H MA50 (blue trend-line) would be a break-out sell signal targeting the Higher Lows trend-line (dashed line), which was hit in both previous sequences.
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