EURAUD inverse H&S

- Price has rejected a significant support level in the market shown by the weekly pin bar and daily morning star candlestick formation
- As price was approaching this support area we began to form a falling wedge pattern. This pattern implies that selling momentum is beginning to slow down and we may see a bullish reversal
- We did have this bullish reversal with a big impulse move to the upside
- I can see price forming an inverse head&shoulders pattern and right now we are pulling back to make the right shoulder
- This right shoulder lines up perfectly with the 61.6 golden zone fib level