EURAUD Bearish after false breakout

Hello everyone!

EURAUD is giving us a very good short opportunity. Let's look at the Daily Chart and name the reasons :

1) The price has just broken an important area of support after not being able to sustain the upside momentum when it bounce from it a few days ago

2) The pair made a lower high and on its way to make a lower low

3) Price has sink under both our baselines Kijun Sen and SSL

4) MacD has turned bearish reinforcing our bearish bias

5) If we look left we see a very similar pattern in August. There was an impressive bull run followed by a retracement where the pair could not rebound strongly enough and sink all the way to the bottom of the range. If we look at the present conditions the pattern is very very similar : Strong bull run, retracement, bounce not sustained. Chances are that this sequence is followed by a drop to the bottom of the range.

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