Not that I am generally a bear on the Euro, I found this pair showing signs of bearishness.
-Green Horizontal rectangles drawn in show levels of support
-Pink Horizontal rectangles drawn in show levels of resistance
EurAud Daily Chart
First day of the month, new monthly pivots, we saw price opening just below MMP @ 1.43344. It has been ranging between support (@ 1.41314) and resistance (@ 1.44685) levels for over a month now. It has already made a triple bottom and currently moving up towards resistance. An upside or downside breakout is eminent. As a bear, I will be looking for an opportunity to sell at resistance which coincides with the Monthly Pivot Point.
EurAud H4 Chart
On this chart, it shows that the pair is trading within a descending triangle with a key level of support @ 1.41335. Having had price come off this level of support earlier this week, we saw a psych level of 1.44000 acting as a strong level that price failed to break. Price is currently at the 200EMA, confluence, which suggest a change in direction. This here is an opportunity to sell even though I am not confident about. Should price break through the 200EMA, an immediate resistance in a form of a trend line is seen. Another selling opportunity, But Wait for confirmation signals.
EurAud H1 Chart
It looks like a head and shoulder reversal pattern is forming, with shoulders at a resistance level of 1.43712. Should this be the case, a break at the neckline and a retest at the role reversal will signal a further bearish move
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