After decent moves in the Euro (EUR), Australian Dollar (AUD) cross in recent weeks the cross looks to have taken a breather around the 0.6170 (1.6210) area. A “head and shoulders” pattern is emerging on the chart suggesting a move back towards 0.6045 (1.6540), but first the pair will need to clear the 0.6130 (1.6320) area. However, any further strength in the EUR may need to come from French political stability as the French government looms close to collapse.
Current Level: 1.6202
Resistance: 1.6540
Support: 1.6000
Last Weeks Range: 1.6003- 1.6306