EURAUD M15 Technical Analysis The EURAUD 15 minute chart shows a clear shift from intraday buying pressure to active selling over the last 24 hours. From 3 Aug 02:45 to 3 Aug 14:00, price climbed in a steady impulse from the 1.63900 area up to a high near 1.65000. That move was marked by consecutive green candles with minimal pullbacks, indicating strong Euro demand versus the Australian Dollar during the European session. However, the rally stalled at the highlighted supply zone and has since reversed into a lower low structure.
*Rejection at Supply* The green shaded area between approximately 1.64700 and 1.65050 acted as immediate resistance. Price tagged 1.65000, printed a long upper wick, and then closed decisively below the prior candle. That candle marks institutional selling: buyers failed to hold above 1.64900 and sellers absorbed the liquidity. After the rejection, EURAUD did not retest the zone with conviction. Instead it consolidated sideways between 1.64550 and 1.64300, forming a small distribution before the next leg down. The lack of a retest confirms the zone is valid supply, not just a spike. *
Break of Key Support* The horizontal line at 1.63945 was the session open and prior balance point from 3 Aug early hours. It held as support through 3 Aug and into 4 Aug 01:15. The break below it at 4 Aug 01:15 was important because it came with three consecutive red candles and increased volume in candle size. A clean break and retest of a prior balance area signals a change in market structure from range to bearish. Price is now trading below that level at the time stamp 04:40, confirming sellers are in control on the M15. *Momentum and Structure* The post-peak structure is a classic lower high, lower low sequence. High: 1.65000. Lower high: 1.64550. Lower low: current 1.63900 area. Momentum has not diverged, each push down makes a new low without meaningful bullish correction. The red arrow points to continuation, and the distance from the supply zone to current price is roughly 90 pips, showing sellers have followed through without major interruption. No bullish engulfing or reversal candle has printed to challenge that. *
Key Levels to Watch* To the downside, the next minor target is 1.63600, then the 1.63380 area marked on the axis. A break and 15 minute close below 1.63600 would open room for an extension toward weekly lows. To the upside, bulls need to reclaim 1.63945 and then 1.64300 to neutralize the current bearish structure. The only scenario that invalidates the sell bias is a 15 minute close back inside the green supply zone above 1.64700, which would suggest a false breakdown.
