EUR/AUD False Breakout Possible: If The Price Doesn’t Break W L4

Technical analysis of Forex market

EUR/AUD technical analysis

  • The market is still bearish.
  • The break of 1.5440 will mark the continuation.
  • Selling the rallies is possible.

  1. Order block zone.
  2. Breakout.
  3. Order block 2.
  4. Downside target.
  5. Descending Trendline.

The price is still in downtrend. There are signs of possible continuation after some retracement up. The price has already broken below the point 1 on the chart which is a sign of a downtrend continuation. However, the problem is a possible false breakout. At this point, the downtrend is still very visible so, selling into rallies is still the valid scenario. Target for the move down is 1.5393. If the price moves back to 1.5440, breakout lower is expected again. Only the break of the descending trend line could start a deeper retracement on intraweek scale.