I analyzed EURAUD last week. The analysis has been fulfilled, but the current situation on the chart indicates that the predicted falls may soon deepen. The H&S formation described on Thursday (7.11) is still valid. Friday’s candle didn’t go beyond Thursday’s daily range, creating Inside Bar formation. The upper IB limit is close to the defeated growth channel support, which together form a confluence of resistance.
In H4 the last two candles also form an Inside Bar pattern. MACD is in an upward phase which may suggest that before the price goes south, demand may try to push the price upwards and lead to a re-test of the defeated channel support (blue version).
If, however, the breakout from the IB in spite of the rising MACD is thru the bottom, it will be worthwhile to join the supply and open a sell order (red version). The range of falls in the first move is the demand zone starting at the level of 1.5930.
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