Can The Resistance 1.6181 Holds Again EUR/USD?

As you can see the current daily candle makes a breakout above yesterday's high of 1.6117. The last 3 candles on the daily chart closed above previous high and additionally the price made rebound from the support trend line (started from July's 2017 high on weekly time frame). That's mean that the price may test next resistance at the level of 1.6181. On the upside, a clear break of 1.6181 will turn bias back to the upside for 1.6432 resistance instead.

However, intraday bias in EUR/AUD remains neutral for some consolidations above 1.5976 temporary low. Further decline is expected as long as 1.6181 resistance holds. On the downside, below 1.5976 the bears will target 1.5894/5905. Decisive break there will carry larger bearish implications.

Technically, may be we have a head and shoulders top forming on the weekly chart. If the pattern completes and breaks the neckline (around 1.5898) it will be regarded as a potential top.

The RSI is below 50 which is indicative that the underlying momentum is positive for the AUD relative to the EUR.

Trade active:

Buy order
Entry: 1.6120
Take Profit: 1.6180
Stop Loss: 1.5985

Order cancelled:

Early this morning the target was reached!!