EUR/AUD Symmetrical Triangle Brings Reversal!

EUR/AUD Symmetrical Triangle Brings Reversal!

EUR/AUD trades at 1.5518 level and it seems determined to resume its growth after breaking above the downtrend line. The price printed a chart pattern in the short term, so an upside valid breakout may confirm upside momentum.

The pair was into a corrective phase and not it could turn to the upside in the short term. AUD could be punished by the Australian Retail Sales drop in the negative territory. The indicator has registered a 0.8% drop in February.

On the other hand, the Euro may increase in the short term after the Euro-zone Final Manufacturing PMI jumped from 62.4 to 62.5 points signaling further expansion, while the German Final Manufacturing remained steady at 66.6 as expected.

EUR/AUD H4 Chart Analysis!

EUR/AUD broken above the downtrend line, it has decreased a little to retest the broken dynamic resistance and now it moves higher approach the symmetrical triangle resistance.

The aggressive breakout through the pivot point (1.5468) after failing to reach the S1 signals strong buyers and further growth. A valid breakout above the triangle’s resistance and closing above 1.5608 former high may validate the bullish reversal.

Conclusion!

EUR/AUD could develop a new leg higher if it makes a valid breakout from the minor pattern and if it jumps above the former highs.

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Author : Olimpiu Tuns

Olimpiu Tuns

Olimpiu Tuns graduated with a Master in Business Administration and is a seasoned Market Analyst / Trader / Trainer with 10 years of experience in the financial markets having expertise in Forex, Commodities, Index, Cryptocurrencies, and Stocks. He worked as a Market Analyst for three major brokerage companies, as a prop trader, and as a contributor/content creator for news portals and educational platforms.