On the H4 chart, we can see that the rebound from the support 1.6060 was only temporary and the price in the new week again returned to its vicinity. Since the end of August, this level has been a real barrier for bears, not counting a short break from the beginning of October, it has failed to overcome its support and continue to decline.
EURAUD further in consolidation
The price of EURAUD has been moving quite narrowly between 1.6060 and 1.6330 for two months. Until there is a break in any direction, one can not speak about an upward or downward sentiment.
If there is a drop below the support at 1.6060, and then a successful retest from this level from the bottom, it will be possible to enter a short with the goal at 1.5855, where this year we have seen the price reaction several times. In the case of bullish rebound, the price can target vicinity of 1.6330, this has happened four times in the last two months.