The 4 hour timeframe of the EURAUD is shown in this analysis with price action from March 28, 2018 till present date. The EURAUD between June 25, 2018 and July 30, 2018 did complete a complex head and shoulder top pattern that confirmed at ~1.57239.
The other valid chart pattern that is present in the region discussed above is a Triple top that also confirmed after price closed below the neckline. The implication of either chart pattern is ideally bearish, and implies more bearish action in the EURAUD.
Conservative point of entry for a short position is a price close below ~1.55839, while earlier points of entry would seek placement of a sell order prior to price reaching 1.55839.
Price returning to 1.55839 region and failing to proceed would establish a rectangle bottom between the neckline and 1.55839. Momentum confirming a decline is therefore of paramount importance.
The point of invalidation (POI) of either chart pattern mentioned above is a price close above ~1.58905.
The other valid chart pattern that is present in the region discussed above is a Triple top that also confirmed after price closed below the neckline. The implication of either chart pattern is ideally bearish, and implies more bearish action in the EURAUD.
Conservative point of entry for a short position is a price close below ~1.55839, while earlier points of entry would seek placement of a sell order prior to price reaching 1.55839.
Price returning to 1.55839 region and failing to proceed would establish a rectangle bottom between the neckline and 1.55839. Momentum confirming a decline is therefore of paramount importance.
The point of invalidation (POI) of either chart pattern mentioned above is a price close above ~1.58905.
