akhostov
Short

Bearish Shark Pattern Forming on EURAUD

FX:EURAUD   Euro Fx/Australian Dollar
16 0 0
Possible Bearish Shark Pattern is forming. C is very close to the 1.272 XA extension. There is a 1.618 BC             confluence with the 0.886 retracement @ 1.43556.

The completion of this pattern is also in agreement with structure (red dashed line). Furthermore, the RSI compared to price action is showing a bullish divergence signal such that we will see prices going up towards the PRZ (highligted as a purple box at D point).

Possible targets are shown as red arrows. The first target is the 0.382 retracement that matches minor resistance at B point. The next two targets are based on support/resistance levels. The last, but aggressive target, is further down at the 0.886 retracement and matches the low made back in Jan. 16th.

Trade wisely, Trade responsibly.
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