Update: EURAUD Very Likely to Breakthrough Support Level!!!

FX:EURAUD   Euro / Australian Dollar
If you did see my previous post, I will be using the same set up for this analysis. Alright, lets take a look at EURAUD . If we keep our attention to the trend line i drawn, we can see lower highs forming. This gives us a chance to see a potential breakthrough for EURAUD as the closing of last friday's candle shown a neat rejection off the trend line . For now, Monday's candle will be important for us to determine which side it will be heading. However, my bias is still towards the bearish side. This is because we can see EURAUD back to its old trend (bold lines), with a neat rejection off the old trend resistance line. I will be potentially seeing this pair testing its old trend support level or even 1.6070 support level . COT data did support our view by showing more sellers entering EUR pairs thus Monday's confirmation will be important for us. If Monday's candle show a very nice breakout off the trend line , we could see it potentially retesting old trend resistance level . Having said that, a strong bullish Monday candle must happen and as of now it will be more viable to be BEARISH on EURAUD .

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I think your support line is a little high, but definitely the right idea.
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YGForex maxw3st
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