EUR/AUD Bearish Breakout Targeting 1.6990 and Below

Dear Traders,

The EUR/AUD is bearish. At this point the market is close to breaking out below the trendline. SHS pattern shows signs of rejection at the top of the right shoulder.

1.7100 zone is where we can see sellers. The ATR pivot point is exactly at 1.7096 and a move lower might cause the pair to close below the trend line and proceed with bearish continuation move. Targets are 1.7052, 1.7008 and 1.6993. If the price moves below 1.6990 which is the weekly L3 camarilla pivot, we could expect 1.6900. Only a move above thr 1.7190 might negate this bearish scenario.

The Analysis has been done with the CAMMACD.Core and Sit Systems