EUR/AUD 4H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Let us examine the 180-bar long channel up pattern formed by EUR/AUD one more time. Since reaching a multiple-year high, the pair has become a subject to a noticeable downside pressure that pressed it to the lower boundary of the pattern, near which the currency couple has been trading for several days already. At the same time, selling pressure failed to provoke a breakout as EUR/AUD managed to come back to the pattern's area shortly after breaching the pattern's support in pre-Christmas trading. In the hours to come, EUR/AUD is likely to prolong the pattern given a short-term strength signalled by technical indicators.
© Dukascopy Bank SA
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