7 Jun 2017

EUR/AUD - DROP AFTER A FALSE BREAKOUT



















EUR/AUD H4

Last week I wrote an article saying I am looking for a short opportunity just before the rate broke to the upside.

It seems though it was a false breakout as it has dropped quite sharply breaking the two-month-long uptrend and is now testing the old resistance/new support area at 1.4885.

I will be looking for a move higher now to the former broken rising trendline around 1.5050 for the rate to form a head and shoulders pattern, however, I will also consider entering smaller short position on the strong break of the current support.

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