I have taken the time to analyze EurAud on the daily time frame. It appears we have a very nice Inverse Head and Shoulders Pattern. Drawing the Fib From Low to High, we can see the right shoulder aligns perfectly with the 61.8% Fib Level. From here I believe we may have an upside target of the 1.63500 region, for nearly 500 pips. Ultimately the stop loss would be up to you, I currently have mine set below the most recent low, however I would have no trouble extending it should I see it being necessary. As always once my trade is in profit I will move my stop loss breakeven and have a risk free trade.
Comment:
Price has managed to hold strong at the 61.8 % level. From our right shoulder we have seen a bullish incline that aligns perfectly with the analysis provided. Currently price is up nearly 230 pips which is almost 50% of our projected target. From here as the week will soon come to an end its is fine if you'd like to close a portion of your trade to lock in some nice profit. Next week we may anticipate minor retracement before fulfilling our final target.
Comment:
Moving Stop loss up into profit as this trade has been a bit back and forth. Still a couple hundred pips running. Would be nice to see the overall trade play out in full, however whatever happens we are now risk free!