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 is roughly 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. However, the bulls couldn't hit higher than price level of 1.5500 where strong bearish rejection was expressed last week.
As long as neckline 1.5265-1.5200 remains defended by the bulls, the pair remains bullish towards 1.5525 and 1.5575.
A valid BUY entry may be offered at retesting of 1.5260 which is being approached by the bears today. Stop Loss should be located below 1.5200 with our bullish targets as mentioned above.
The material has been provided by InstaForex Company - www.instaforex.com
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