EURAUD is forming a strong consolidation near support 1.59000. The market is most likely preparing for a breakout of this area.
TA on the high timeframe:
1) The lower chart shows us multiple retests of support. Buyers continue to hold this area
2) The market is dominated by a bearish trend
TA on the low timeframe:
1) Price continues to move within a downtrending price channel
2) A triangle is forming. Triangle support is at risk of breaking.
3) The price is preparing to break the level of 1.59152.
4) The price is likely to break that level in the near future. In this case the currency pair will go down to 1.58496.
Key support: 1.59150
Key resistance: 1.59462
TA on the high timeframe:
1) The lower chart shows us multiple retests of support. Buyers continue to hold this area
2) The market is dominated by a bearish trend
TA on the low timeframe:
1) Price continues to move within a downtrending price channel
2) A triangle is forming. Triangle support is at risk of breaking.
3) The price is preparing to break the level of 1.59152.
4) The price is likely to break that level in the near future. In this case the currency pair will go down to 1.58496.
Key support: 1.59150
Key resistance: 1.59462
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