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EURAUD 4hr time analysis: bearish bias

The EUR AUD chart shown in this analysis is a 4 hour time frame with price action captured from March 28, 2018 till present date. The EUR AUD between June 25, 2018 and July 30, 2018 did complete a complex head and shoulder top pattern that confirmed at ~1.57239.

EURAUD chart. EUR AUD forecast. Technical analysis of the EUR AUD using chart patterns. EUR AUD chart analysis.

The other valid chart pattern that is present in the region discussed above is a Triple top that also confirmed after price closed below the neckline. The implication of either chart pattern is ideally bearish, and implies more bearish action in the EUR AUD.

Conservative point of entry for a short position is a price close below ~1.55839, while earlier points of entry would seek placement of a sell order prior to price reaching 1.55839.

Price returning to 1.55839 region and failing to proceed would establish a rectangle bottom between the neckline and 1.55839. Momentum confirming a decline is therefore of paramount importance.

The point of invalidation (POI) of either chart pattern mentioned above is a price close above ~1.58905.

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