EURAUD facing key resistance.

A currency pair that we have been buying dips now faces key resistance for a possible big breakout higher. The EURAUD is at a neckline resistance of a possible inverted head and shoulders pattern. Most traders who know me, knows that I do not like head and shoulders patterns that do not have a left arm. This is a perfect example of one that does not. However, the fact that the pair has congested in a 300+/- pip range for the last several months makes it prime for a breakout. A close above the 1.6300 level could put the 1.6450 61.8% Fibonacci retracement into play.