EURAUD has been trading sideways for the last couple of months, but we could still see a potential bearish setup formation, especially if price breaks out of the current range with a daily close below 1.7575 and also breaks trendline support. That would indicate we’re in the third leg of the bearish trend. If for any reason, the market stays sideways for a longer period of time, then the whole price action down from 2025 highs could even turn into a bullish contracting triangle, but for now it’s too early to call it that. But it’s true, the clock is ticking — if the third leg to the downside is coming, it should happen soon.
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