Forex EURAUD technical analysis | Our expectations:
The Double Top is activated after a prolonged uptrend, which gives reasons to look for reversal and shorter positions with stop 1.5975.
The main diagonal is also broken as now, with the aim of minimizing the risk we can wait for a test near the base of the formation around 1.5766.
DeM (14) and SMA50, SMA200 are still in the bull formation, but here we trade trend reversal, and they are often lagging behind the price movement while such changes in the trend.
Alternative Scenario: Returning the price back above the base of the figure or up to 1.5950 will break the negative scenario.
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