$EURAUD Double Top Breakdown—More Downside Ahead?
EURAUD EURAUD is now trading below the double top neckline/support, increasing the likelihood of further downside pressure. The default target for this pattern sits at 1.6276, aligning with the 200% Fibonacci extension.At this stage, we are closely watching the 1.6357 support level—a break below this zone could trigger heightened volatility and accelerate selling pressure. If this move materializes, we anticipate the formation of a bullish symmetrical pattern near 1.6235, converging with the 61.8% Fibonacci retracement level at 1.6286.
📌 Key Levels to Watch:
🔻 1.6357 support—break below may fuel increased downside momentum.
🎯 1.6276 target (200% Fibonacci extension).
🌀 Potential bullish symmetrical pattern near 1.6235.
📊 Major confluence zone at 1.6286 (61.8% Fibonacci retracement).
Final Note: We remain neutral for now, but if 1.6357 breaks, the bearish bias may strengthen. Should the bullish symmetrical pattern form, caution will be required in assessing any potential rebound.
Happy Trading,
André Cardoso
Risk Warning: Trading financial assets carries a high level of risk and may result in the loss of all your capital. Make sure to fully understand the risks involved before you start trading and carefully consider your investment objectives, level of experience, and risk tolerance. The data and information provided in this content do not constitute financial or investment advice and should not be considered as such. Only invest what you can afford to lose, and be aware of the risks associated with trading financial assets.
I am a financial market analyst based in Porto, Portugal. I provide market forecasts to a group of professional traders, playing a crucial role in assisting them in making well-informed decisions in the financial markets.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
I am a financial market analyst based in Porto, Portugal. I provide market forecasts to a group of professional traders, playing a crucial role in assisting them in making well-informed decisions in the financial markets.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.