EURAUD: Descending channel

EURUAD, H4

On the H4, EURAUD has formed a descending channel pattern. The price tests the upper trend line and MA50, although the DeMarker indicates a significant overbought condition.

• A break of the upper trendline above 1.6220 will open the way to 1.6360;

• A rebound from the trendline will drop EURAUD to 1.6100 and further to 1.6010;