EUR/AUD – Bearish Reversal Structure Forming
Price is rejecting a major resistance zone after completing a bearish harmonic-style structure near previous highs.
The move also resembles a developing double top, with buyers failing to sustain momentum above resistance.
Neckline support is now under pressure, while RSI continues to weaken — signaling fading bullish momentum.
📝 Key confluences:
🔻 Bearish rejection from major resistance
🔻 Double top + harmonic reversal structure
🔻 RSI momentum decline
🔻 Price trading below short-term MA support
A confirmed neckline breakdown could open continuation toward:
◘ 1.6180 support zone
◘ 1.6120 bearish projection target
📉 Bias remains bearish unless price reclaims recent highs and invalidates the rejection structure.
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