Friday’s bearish hammer marked the second failed attempt for EUR/AUD to break out of its 550-pip range. Momentum has since turned lower, with prices continuing to respect the weekly pivot point as resistance.
Notably, the previous failed breakout also led to a move back toward the lower end of the range, suggesting a similar pattern could unfold.
For now, bears may target the weekly S1 pivot near the 1.77 handle, with a break below it bringing the range lows into focus.
Matt Simpson, Market Analyst at City Index and Forex.com
Notably, the previous failed breakout also led to a move back toward the lower end of the range, suggesting a similar pattern could unfold.
For now, bears may target the weekly S1 pivot near the 1.77 handle, with a break below it bringing the range lows into focus.
Matt Simpson, Market Analyst at City Index and Forex.com
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.