Kristof14
Short

Head and Shoulders Reversal Pattern on EURAUD

FX:EURAUD   Euro / Australian Dollar
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We appear to be printing a perfect Head and Shoulders pattern at the top of an extended uptrend. We are forming the right shoulder now which also confluences with the 50% Fib Retracement Level from our most recent Higher High. Already saw 4-5 rejections of this level on the 15m timeframe so primed for execution.

Targets are going to be duplication of the Head and Shoulders height. What this brings us to is the 1.6110-1.6120 region which coincides with where the Daily 50 EMA currently sits.

Stops just above the 61.8% fib level so around 1.6385

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