as we can see here on the EUR/AUD
chart that it has broken from an uptrending funnel to a move to the downside. now the market looks like it has just tested the previously broken support line to now make it a new resistance level
. due to the nature of this kind of pattern, there is a possibility that a head and shoulder pattern is going to be formed. so we will wait to see how the market will approach the bottom support level
, and with appropriate candle confirmation and structure confirmation, we will hopefully be looking to place a buy to the upside and ride it to the new resistance level
to form the head and shoulder pattern.