Fxprotrader
Short

EURAUD Head & Shoulders Completion To Drop Price Lower

FX:EURAUD   Euro Fx/Australian Dollar
Not a crystal clear, but price has formed a head and shoulders pattern, and it's now heading sharply towards the neckline of the pattern. We should watch for a breakout below the line, and depending on our strategy wait for any sell setup to complete.
Comment: Price is in a consolidation, testing the neckline of the pattern. A breakout below this structure signals a sell setup
snapshot
Comment: Press "play" at the main chart to see the structure live
Comment: Price broke below the corrective structure
snapshot
So do you think the price will retrace back to 1.5200 before it goes down again?
If someone is seeing the chart now, should we wait for the price to retrace back.

Thanks for the chart though, really helpful.
Reply
Fxprotrader IshanTripathi
After a breakout, most of the times we have a small correction. That's what this small arrow represents.. If it retraces it will give us a better risk/reward setup.. But it might drop without a retrace.. I hope that helps..
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IshanTripathi Fxprotrader
Yea it does help... Appreciate it
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Fxprotrader IshanTripathi
Ok i am glad for that.. By the way, it looks like it's coming back for a correction..!
Reply
IshanTripathi Fxprotrader
YEs..I am keeping a track... I have not entered yet..
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IshanTripathi Fxprotrader
HI.. Was in correction for a long time. . Now it does look like it might break again..
Reply
Thanks .
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Fxprotrader mahmoodnoori
You are welcome mate
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I don't thinks So he face a trend and a fibo he was in a up trend taht's is a correction I'm a Buyer from 61 fibo
Reply
Seems like a good one.
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