EURAUD → False breakout & Pin-Bar on W1

is testing important resistance from the weekly timeframe. A false breakout is formed after liquidity capture. There is no potential for continuation of growth and the chart is drawing everyone's favorite “pin-bar”

After the price exits the consolidation, the resistance of which was the level of 1.6787, a distributive pattern is formed, the target of which was the liquidity behind the weekly resistance of 1.7196.
The target has been reached and the price is consolidating below the base of the reversal structure and thus preparing to continue falling. It is possible formation of liquidation or downward impulse to 1.71 - 1.70. The forex market has been behaving calmly since the opening of the week and the market can work out technical nuances calmly, until the fundamental factors are connected.

Resistance levels: 1.7196 - 1.7304
Support levels: 1.7107, 1.7016

Zones of interest are located behind the local lows, but from a technical point of view, the market is most interested in liquidity beyond 1.6787 and there are all chances to reach this zone, as there are no obstacles below 1.7016. Accordingly, when the support at 1.7016 is broken, a free zone will open up

Regards R. Linda!

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Within the framework of realization of a false breakout, the price reaches the first local target. We expect the decline to continue after a small pullback

RLinda

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