With EURUSD heading to take a possible fall, the minor EURAUD is also exhibiting the signs of weakening Euro against Australian Dollar. This may be a smaller frame analysis but with the huge engulfing with the last daily candle seemingly warrants to favor the bears.
Technical prospects of the EURAUD Analysis:
1- Proper Head and shoulder exhibited by H4 timeframe
2- Bearish engulfing on daily frame
3- Last possible H4 Lower Trendline broken
Since, Head and Shoulder pattern travels back to its base, or at least near to the base, we might be looking at the trade possibility of 300+ pips. The price chart says that EURAUD is heading down low. The rectangle marks the target support region of the trend.
Best of luck, Happy trading and Happier Profits!
Technical prospects of the EURAUD Analysis:
1- Proper Head and shoulder exhibited by H4 timeframe
2- Bearish engulfing on daily frame
3- Last possible H4 Lower Trendline broken
Since, Head and Shoulder pattern travels back to its base, or at least near to the base, we might be looking at the trade possibility of 300+ pips. The price chart says that EURAUD is heading down low. The rectangle marks the target support region of the trend.
Best of luck, Happy trading and Happier Profits!
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