EURAUD is right now in an extremely crucial moment. On the weekly chart you can see how long respected was wide support zone. However each subsequent rebound was getting weaker. Currently bears pressed so hard that only absolutely the lowest point of the zone is defended. That is the low from the end of November last year. Breaking this area opens the way to lows of 2014 and 2015, and gives large space for potential declines.

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On lower time frames, eg. on the daily chart, you can try to adjust to the situation and try to “catch” the downward trend. It seems that even a slight rebound to the latest lows should lead to a reflection on opening short positions.


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