EURAUD: Detailed Technical Outlook🇪🇺🇦🇺

31 Okt 2022

What a peculiar situation on EURAUD:

The pair has recently broken a major horizontal supply zone.
The broken structure turned in a demand area.

A bit higher, however, we have one more structure.
This time, it is a major falling trend line.

The underlined blue contracting area on the chart is the decision zone.
The breakout, with a high degree of accuracy, will show us where the market will go next.

If the price breaks the trend line and closes above that, a bullish wave will be expected to 1.616 resistance.
If the price breaks the support and closes below that, a bearish move will be expected to 1.5.

Wait for a breakout or, alternatively, trade the boundaries of the underlined triangle.

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