Analysis: 120 pips Channel | EUR\AUD

Channels are very popular this week. Many appeared at the EUR\GBP, EUR\CAD, and now at the EUR\AUD. Needless to say, this pattern is very strong and when it creates a signal it is usually very reliable and straight-forward to trade. This one is 120 pips in size, and a very strong one - confirmed by price eight times. Upon breakout we should see a great movement upwards.

Trading
Long trade will be taken after price breaks Resistance and performs a pullback.
Short trade will be taken after price breaks Support and performs a pullback.

Target
Pattern is 120 pips in size, this is the profit target for breakouts.