EURAUD - a little more to the downside ?

FX:EURAUD   Euro / Australian Dollar
551 13
2 bat patterns on EURAUD together with a current downtrend of lower highs lower lows might indicate that there is some further downside to this pair.
We might be looking at a reversal around the completion of the red bat pattern (structure present) or even a little deeper to complete the blue one ...

Are these patterns going to complete ? Nobody knows ... but I'll certainly keep an eye on it
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This one might work well. Strong support to the left.
+1 Reply
Nico.Muselle IvanLabrie
Might ... depends on what Draghi will announce tomorrow. :)
* Update : pattern has complete now. Be careful if you want to trade it though as there is some ECB announcement tomorrow. Look for triple confirmation for entry as the overall trend of EUR is very bearish and they do want to keep it that way.
+1 Reply
rumuscat Nico.Muselle
Hi nico not sure what you mean by triple confirmation
I mean that you should have a clear indication that the trend is really reversing.
Nice label for the LL and LH. and amazing pattern. Looks like you have the crystal ball here buddy.
Here you go, as promissed :)
I'll do my analysis on EURAUD and share with you in a short while
I was looking at this last night trying to force a reason to get short and hop on. Was unsuccessful
Nico.Muselle Akil_Stokes
The descent indeed is pretty choppy, but for now it sticks to the trend. To enter the trend with a SL that is acceptable might be a challenge though as the retracements are pretty spikey. For now I'm not touching this pair, just keeping an eye on eventual completion of the pattern(s).
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