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Short

EURAUD Short On A Bearish Pennant Break

FX:EURAUD   Euro / Australian Dollar
Marked by the red lines on the chart, are the key relevant levels of demand. Where, as you can see, nearly every key level of demand is a rally of buyers pushing price up. When these levels are broken, however, price will likely fall to the next key level of demand before it reverses from the buying support or it breaks through again and continues downward. Currently price is consolidating right at one of those key levels of demand following a downward move and it is forming a nice bearish pennant with this consolidation. This bearish pennant indicates a likely break out downward to at least the next level of demand around 139000 where there will be some more buying support.
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