EURAUD - Inverted head & shoulders
EURAUD (4H) - weekly bullish bias
The Aussie is extending losses across the board and we can expect further moves on the downside as selling pressures start to intensify in favour of the euro. Last week's rebound from the daily support of 1.5900 provided a strong base for a potential U-turn. The H&S formation is about to complete and a break of the neckline would confirm the reversal for the coming days.
Key support: 1.6010/1.5900
Key resistance: 1.6150/1.6230
The Aussie is extending losses across the board and we can expect further moves on the downside as selling pressures start to intensify in favour of the euro. Last week's rebound from the daily support of 1.5900 provided a strong base for a potential U-turn. The H&S formation is about to complete and a break of the neckline would confirm the reversal for the coming days.
Key support: 1.6010/1.5900
Key resistance: 1.6150/1.6230
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