EURAUD was identified at around 1.780935 having recently rebounded of the support on the 4 hour data interval. Ultimately, the price action of the stock has formed a Channel Down pattern. This squeeze may increases the chances of a strong breakout. The projected movement will potentially take the price to around the 1.7865 level.
EURAUD is quickly approaching the resistance line of a Channel Down. We expect either a breakout through this line or a rebound.
