Euraud Analysis from 16-05-2022 (time to continue downtrend)Euraud Analysis from 16-05-2022 (time to continue downtrend),
The eur aud pair has been characterized as a directionless pair. lol. Hence we will not pay much emphasis on its fundamentals though some high impact news which could cause volatility in the euro are the euro commission spring forecast on Monday 11:00 am, WAT, gdp rate qoq on tuesday 11:00am WAT. From Australia , we should keep a watch on the Aud when the Reserve Bank of Australia minutes are read on tuesday 17th may 3:30 am wat.
Sentimentally, the euro zone is yet to recover from the economic effects of the war/ tension in Ukraine and the shortage of supplies from Russia to other parts of Europe.
Technically, euraud after breaking a structural demand zone around the 1.5262 price area on 2nd of march 2022, as highlighted on the chart, the price has reached that structural level which may now be seen as a supply zone as price has rejected the zone twice on the daily time frame followed by a control drop...
a full multi timeframe breakdown an entry strategy is been shared in the video analysis of this content in the red channel below.
My approach: I would wait for price to retrace to the area around 1.5114 to look for short signals, confirmation and entry
on the 4hr chart.
My sentimental bias for the euraud is bearish.
I would love to see your opinions about this pair. cheers
Lets go take some risk, lets go make some money.
