EUR/AUD – Bullish Reversal Pattern Indicates Potential Upside Move

Key Observations:

• Pattern Structure:

  • The left shoulder (S) formed around May 4–6.

  • The head (H) is clearly visible at the low around May 12–13.

  • The right shoulder (S) was completed around May 17–19.

• Neckline Breakout:
  The price is now testing a neckline resistance zone, and a potential breakout to the upside is forming as the pair consolidates in a bullish symmetrical triangle.

• Support & Resistance:

  • Support: 1.72456

  • Immediate Resistance: 1.78780

  • Major Resistance: 1.80215

• Price Target:
  If the breakout holds, the price could rally toward the 1.78780 level, which aligns with the projected height of the inverse head and shoulders pattern added to the breakout point. A further extension toward 1.80215 is possible if momentum sustains.