EUR/AUD - DROP AFTER A FALSE BREAKOUT

7 thg 6, 2017

EURAUD

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.

- See more at: tradeitsimple.com/2017/06/euraud-drop-after-false-breakout.html