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TIMEFRAME: 1D

BIAS: BEARISH

EURAUD bullish run maybe over as it currently broke the trend line to the downside. It pushed up again for a retest of the trend line which it broke. At this point A head a shoulder is formed and  will most likely complete its formation to the downside. To further deepen our decision for a sell, the market price pushed to a FIB retracement level at 1.58598(the pink zone) which at the same time is the second time it tested the trend line after breaking it. We can therefore at that point ride it down till 1.56023 which is our First target and as well a key support zone. Market may also push further down to 1.53804 which is our second target.

Analyst: Gideon