I see a Bearish Bat pattern completing around the 1.6250/6300 levels. This recent move up is mainly due to the the movement of the AUD rather than the EUR.
President Trump pushing for a tax on the US$200B China imports towards the end of last week was the probably the root cause of the AUD weakening significantly. AUD is the closest proxy of all the G10 currencies to the Chinese economy or the Chinese Yuan.
With this strong up move on this pair, I am expecting it to take a while for the price to play out, form reversal pattern and complete the Bat Pattern at the same time. This will give is the opportunity to take the short trade. Let's be patient and monitor this pair. Well.... anyways.... this is a weekly chart we are analysing here.
President Trump pushing for a tax on the US$200B China imports towards the end of last week was the probably the root cause of the AUD weakening significantly. AUD is the closest proxy of all the G10 currencies to the Chinese economy or the Chinese Yuan.
With this strong up move on this pair, I am expecting it to take a while for the price to play out, form reversal pattern and complete the Bat Pattern at the same time. This will give is the opportunity to take the short trade. Let's be patient and monitor this pair. Well.... anyways.... this is a weekly chart we are analysing here.