We may have a potential set up on the EURAUD
daily time frame based on simple horizontal support and resistance
. The 1.50000 area has been a key pivotal zone constantly reversing its roles from support to resistance, and visa versa. If complimentary bearish
price action, in the form of a BEOB
, then we could see price move to the next major support level
of 1.45000. Though it will be a bumpy ride down with lots of minor support levels to get through.