Hello traders,
Let’s hit the charts:
1. EUR/USD
On the EUR/USD, the ascending trendline is currently holding price.
A breakout means we may probably see price hit the next possible support level (1.19572), and a reversal at the current price level will possibly encourage the buyers to take price back to resistance level 1.20696.
2. AUD/USD
A classical head and shoulders pattern is visible on the one-hour time frame of the AUD/USD
Price is currently resting on the neckline (support zone). If we do get a breakout, price may most likely hit 0.76541 which is the next possible support level
Mind you, there is also a possibility of a reversal, so before you get into this trade and sell, ensure you get a confirmation.
NOTE: If you are also planning to trade the EUR/USD, be mindful of tomorrow’s high-impact news on the euro during the London session.
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