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.

Ross J Burland FXStreet

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.

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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