We can see EURAUD is in a good downtrend. Recently, we can see a breakthrough at 1.7085 price level which we previously manage to enter a short position during its retest back making 1.7085 now a strong resistance level. If you were look at the overall picture we can see that EURAUD is still within its uptrend support and resistance (Bold Lines). What I will expect to see is a retest to the trend resistance level which we are very near making a bearish movement seem very possible. Supporting my view by using bollinger band we can see the middle band at the resistance level. If we look at the downtrend we can see that the fall has tested the middle band several time before continuing with a fall. This shows us that middle band will be a good retest area for EURAUD fall. For now, I believe EURAUD will go back HOME to where it belongs (within the trend support and resistance). Testing the resistance following a fall to the support level.
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