EUR/AUD Price Analysis: Reverse H&S in the making, on the bull's watchlist
|- EUR/AUD is running towards a heavy supply zone where the price will be expected to fail.
- Bulls will be seeking completion of a right-hand shoulder of a reverse head and shoulders.
EUR/AUD is an interesting swing trading possibility with what appears to be an inverted head and shoulders in the making and bullish prospects all the way to 1.65500.
Daily chart
As illustrated, the price is headed towards a strong resistance zone which could equate to a right-hand shoulder of the what appears to be a reverse head and shoulder ins the making.
In completion of the head and shoulders, bullish prospects will be in play and bulls will be seeking an optimal entry towards the neck-line of the M-formation in 1.6550.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.