After the previous EUR/AUD resistance zone was broken and the trade no longer valid, I wanted to take a step back and just highlight the way that price has been acting.

On an obvious bullish tear, we’ve seen the following textbook perfect pattern:

“Break higher > Pullback > Retest previous resistance as support > Repeat”

- advertisement -

Just look at the EUR/AUD daily chart and things are pretty self explanatory:

EUR/AUD Daily:

With the most recent pullback highlighted by Aussie dollar strength, the way that the daily candle wasn’t able to close below support shows just how bullish this pair is and keeps the pattern in tact.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.