Reading the Right Side of the Chart : EURAUD 19 September 2019

Yesterday's trading range was 63 pips whilst the 20-day ADR was 114 pips. I am expecting a price expansion today and I am hoping the high of the week will be formed for this pair and goes on a downward move towards the weekly downside projection (the 20-week weekly range is 230 pips).

I am looking at the liquidity pool around 1.616 -1.620 and when price enters and/or breaks through it, then it will activate my bearish mode and will wait for a bearish technical signal to go short EURAUD. Moreover, price closing at these area coincides breaking the Tue-Wed high price (Phase ONe activation or "P1").
You can find the linked post to understand this concept

There is a risk event for Australia today, the Job Number in less than an hour of this writing