The current EURAUD structure hints that the market is now moving inside two channels, yellow and green. The price is gradually clamped between the upper yellow and lower green walls.
Not so long ago, we saw the market rebound from the upper bound of the yellow channel, after which the bears started moving towards the lower bound of the green channel and the support level of 1.597.
If the specified target level is reached, and then the bears manage to break through this level, a path will open for them in the direction of the lower bound of the green channel and the support level of 1.567.
However, if the market moves up in the near future and reaches the resistance level of 1.627, which is on the upper yellow bound, the price growth can be continued to the upper green wall and the next resistance of 1.647.
