Let's ride this trend

FX:EURAUD   Euro / Australian Dollar
The beautiful head-and-shoulders formation effectively led to a downtrend and it seems like a good time to hop on. Risk/reward is very good considering that this pair has a lot of downside potential. Although I do not want to go into the details regarding fundamentals as I want to keep this post short, I’ll say that they are favorable to this trade on a mid-term (few weeks to few months) perspective.

Friday’s session presented a shooting star that rejected previous price structure. Although the trade may be going against us in the next few hours (or perhaps days), this seems like a nice one.
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