khansalarehsan

EURAUD is at a critical point

FX_IDC:EURAUD   Euro / Australian Dollar
Hello friends!
Looking at the chart, you can see that EURAUD             is making a bull flag after bouncing off the lower parallel of another bull flag (2017 bull flag ), and now after making 3 attempts to break the top side, it is failed and is trending down toward the lower parallel of the most recent bull flag (2018 bull flag ). Recently we have seen a short trap on Tuesday followed by a bull trap on Thursday after failing to break higher. There is an all-time support just above the 2018 bull flag and the pair must break it and hold above that to confirm the bullish move which eventually leads to the touch of the upper parallel of the 2012 bull flag (third bull flag ).
I would like to draw your attention to the "Inverse H&S + Bull Flag measured moves" if price breaks the key resistance level . Until then this pair remains bearish as just failed to move higher after 3 consecutive attempts. We now have four structures
1) 2012 bull Flag
2) Inverse H&S
3) 2017 bull Flag
4) 2018 bull Flag
which all suggest a move higher but as mentioned there is actually a very significant resistance which has to be broken first.
Good luck and have a great trading week,
Ehsan
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