themarketzone

$EURAUD swing trading scenario

FX:EURAUD   Euro Fx/Australian Dollar
The pair is holding current support zone (1.440-1.45 zone). As long as it holds and If we will see some bullish price action to signal possible strength, there is a possibility for a completion of the right shoulder of a weekly H&S pattern.

The pair recently broke a daily down trend line

Important level to watch 1.453 (possible confirmation level), 1.44 (possible stop loss level), 1.436 (nearest lows) 1.46 (initial target level).
The bearish setup in this pair is a possible bearish Flag that this pair is currently trading in and a break below 1.44 can lead to a deeper correction in the weekly chart.

What do you think?
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Tomer J,
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