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EURAUD - Anticipating a Bearish Breakout

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Hey fellow traders,

I wanted to share my analysis on EURAUD with you all. It seems like bears are getting ready to make their move and break the support level at 1.59000. Here's why I believe this breakout is likely to happen.

When we look at the high timeframe, we can see that the support level has been tested multiple times, indicating that buyers have been holding the line. However, the overall trend in the market is bearish, suggesting that the support might not hold for much longer.

On the low timeframe, we observe that the price is moving within a downtrending price channel. Additionally, a triangle pattern is forming, and the triangle support is at risk of breaking. The price is also approaching the critical level of 1.59152, and it appears poised to break it in the near future. If this happens, we can expect the currency pair to decline further towards 1.58496.

To summarize:

  • Key support: 1.59150
  • Key resistance: 1.59462

Keep a close eye on EURAUD, as the breakout could happen soon. Remember to do your own analysis and use proper risk management before making any trading decisions.

Good luck and happy trading!

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