💱 EURAUD - The market is preparing for further decline

22 Eyl 2023

EURAUD is forming a local flat after breaking through 1.6658. The market is forming a retest of support, but there will be a chance of a breakout if the price comes back again after a small rebound

TA on the high timeframe:
1) We have a bearish trend
2) A pre-breakout consolidation is forming near 1.64975
3) Another support retest may break the level and form an impulse to 1.61900

TA on the low timeframe:
1) Price is descending in steps within the bearish channel, which indicates a strong trend
2) Support at 1.64885 and multiple retests of it are forming.
3) The market is preparing to break this line and further fall.
4) The sell signal will be a retest and consolidation below the support level

Key resistance📈: 1.66122
Key support📉: 1.64885