The EURAUD pair is in a strong downtrend. We can see that the pair is literally swimming through equidistant channel. A precise zigzag pattern inside an equidistant channel is telling us that the pair is sold on rallies. However we can also see - Inverted Head and Shoulders pattern and the price is very close to POC. 1.4725-40 is the zone where we could look for rejections. POC (61.8, E89, bullish order block) is also aligned with historical sellers.
The current price is 1.4696 and we can also see 2 pinbar rejections which are telling us that the price may drop from the current level too.(INV Head and Shoulders neckline). Anyway it is a good time to be ready for any action which might happen now or in POC zone. The target for the move is 1.4625 and if the level is broken we should see 1.4590. Only if 1.4590 breaks the target is 1.4500 - a continuation trade.
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