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  4. EUR/AUD M double top shaping up

EUR/AUD M double top shaping up

October 19, 2016 13:08

The EUR/AUD is making a progressive M pattern characterized by a double top which in turn makes a POC zone (H3, DPP, trend line) 1.4340-50. The move has already happened so any retest could reject the price again (2nd rejection). Ideally inner trend line should hold for continuation of bearish move. Further continuation is seen below the inner trend line and if H1 candle closes below 1.4280. Close below would target 1.4245 and h4 close below 1.4245 should aim for 1.4185.

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