The EURAUD is currently respecting a well-defined parallel downtrend channel, with price consistently making lower highs and lower lows. Recently, we saw a consolidation phase that ended with a bearish breakout.
Key Levels to Watch:
Resistance-turned-support at 1.76582 – now acting as a ceiling.
Immediate support at 1.74481.
Further downside targets: 1.73421 and 1.72213.
Potential Setup: Price is currently testing the lower boundary of the trend channel. A minor pullback toward 1.75682–1.76000 (resistance zone) could provide an ideal short entry, especially if bearish price action confirms.
If price fails to reclaim 1.76582, we may see further bearish momentum toward the 1.72213 support zone.
This setup is not financial advice, but rather a technical observation based on price structure and trend behavior. Always manage your risk and confirm with your own analysis.
Key Levels to Watch:
Resistance-turned-support at 1.76582 – now acting as a ceiling.
Immediate support at 1.74481.
Further downside targets: 1.73421 and 1.72213.
Potential Setup: Price is currently testing the lower boundary of the trend channel. A minor pullback toward 1.75682–1.76000 (resistance zone) could provide an ideal short entry, especially if bearish price action confirms.
If price fails to reclaim 1.76582, we may see further bearish momentum toward the 1.72213 support zone.
This setup is not financial advice, but rather a technical observation based on price structure and trend behavior. Always manage your risk and confirm with your own analysis.
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Disclaimer
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