On January 24, the EUR/AUD pair initiated a downside movement. This movement was maintained within the depicted bearish channel.
On February 13, the bulls expressed a bullish breakout above the upper limit when the bears seemed to be weak.
Simultaneously, the bulls established a bullish Head and Shoulders pattern off 1.5000. The neckline was located at 1.5265.
Confirmation of bullish reversal is evident with four-hour fixation above the price level of 1.5265. Projection target of this reversal pattern is located at 1.5555.
The pair remains bullish as long as the newly established bottom at 1.5315 remains defended by the bulls.
Bullish momentum needs a 4H closure above 1.5500-1.5530 before enough bullish pressure can be gathered to push towards 1.5580-1.5600.
On the other hand, failure to fixate above 1.5530 will bring the pair back withing the current congestion zone between 1.5210 and 1.5530 giving more time for sideway movements.
The material has been provided by InstaForex Company - www.instaforex.com
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