EUR/AUD LOSING BEARISH FORCE

EURAUD is slowing down rapidly and coming to a potential pivot point at a key support area.

If we go into the weekly chart and scroll right out we can clearly see key resistance between 1.64259 & 1.64489. support areas at 1.62226 & 1.62539. between these areas we have seen by far the most price action with many rejections in both the resistance areas and support areas. Making these resistance and support areas the strongest by far.

If we then go into the 4H chart we can see a bullish move off the support line with a retracement just now hitting the 618 Fib and once again losing bearish power, with one bullish candle and small bear. this could the key area for a long position. furthermore on the 4H chart we can see 7 points of contact on the support line with 7 rejections. This adding to the ideology this is a very hard support line to break.

With a powerful bearish trendline starting from the end of feb 2020, we are finally seeing momentum loss and a potentially huge pivot point ahead.

Placing Tps at just below these resistance line would be the advised method of trading this pair.