EURAUD downside continuation
EURAUD is breaking the bear flag pattern after the rejection from 1.5940 for a downside continuation. A confirmed break below this flag resistance 1.5760 is required for a downside continuation lower to 1.5100. A rejection here and a break above 1.5900 could lead to a reversal higher. The overall medium-term is downtrend but we need this break below 1.5760 confirmed for a high probability downside extension. As long as the EURAUD is below 1.5850 there is a high probability that it will have an upside extension targeting 1.5100-1.5200.
Note – We are inclined to short trade entries with the stop loss above 1.5850.
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