$EURAUD Double Top Breakdown—More Downside Ahead?PEPPERSTONE:EURAUD
PEPPERSTONE: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
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