The EURAUD price is forming a reversal pattern at a high volume level. Could the price turn here or will the trend continue?
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The EURAUD price is one to watch as the price looks to be forming a key reversal pattern heading into this week of trading. The Euro has been one of the strongest currencies and the AUD has been one of the weakest. This could see the EURAUD price reverse higher if other fundamentals allow for the right conditions. The RBA are set to announce a rate hike and if in their statements they signal more aggressive rates to come we could see some strength for the AUD which will negate the reversal set up. However, if the RBA does mention a less aggressive approach we could see the EURAUD price complete the pattern forming a reversal opportunity.
The 4hr time frame shows the price finding support back at the previous point of control area, after breaking through it initially. The price is forming a potential head and shoulders pattern which could lead to a move higher if the price could break through the neckline highs and previous weekly point of control. If the price does break this zone we could see a move higher.
Have you seen our recent Week Ahead Analysis? you can watch it here.
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