EURAUD Analysis - Bearish Flag in Play
Hello Traders,
I hope you've had a productive week so far. Today, let's dive into the EURAUD 1H chart to assess the current market structure and possible next moves.
1. The price has recently broken a key neckline following a rejection at the weekly pivot point zone.
2. Post-breakout, a bearish flag structure is forming, indicating potential continuation to the downside.
3. The price has just retested the 0.618 Fibonacci retracement level, which aligns with the top of the flag, and we've observed rejection near this zone.
Also, tomorrow's NFP (Non-Farm Payrolls) report will be critical. It's important to monitor how EURAUD reacts, as increased volatility can lead to sharper moves in either direction.
I'm anticipating a continuation of the bearish momentum with potential downside targets near the 1.65 zone and below.
Let’s stay patient and disciplined, keeping risk management at the forefront.
What are your thoughts? Feel free to share your views below
I hope you've had a productive week so far. Today, let's dive into the EURAUD 1H chart to assess the current market structure and possible next moves.
1. The price has recently broken a key neckline following a rejection at the weekly pivot point zone.
2. Post-breakout, a bearish flag structure is forming, indicating potential continuation to the downside.
3. The price has just retested the 0.618 Fibonacci retracement level, which aligns with the top of the flag, and we've observed rejection near this zone.
Also, tomorrow's NFP (Non-Farm Payrolls) report will be critical. It's important to monitor how EURAUD reacts, as increased volatility can lead to sharper moves in either direction.
I'm anticipating a continuation of the bearish momentum with potential downside targets near the 1.65 zone and below.
Let’s stay patient and disciplined, keeping risk management at the forefront.
What are your thoughts? Feel free to share your views below
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