EURAUD, It's a mess but bear with me

FX:EURAUD   Euro / Australian Dollar
44 0 0
Alright, so first off :

1) we have a completed head and shoulders pattern at the top of the chart. Judging by the necktie height, the movement should be running out of steam and getting ready for a reversal.

2) The falling action seems to have formed a falling wedge which is breaking out right as it hits structure support .

3) The price range of the falling wedge mouth would place end of the breakout movement right around structure resistance .

4) As long as structure resistance holds this creates a much larger head and shoulders pattern that would bring the price way back to pre- May levels

Will be going long for the time being, taking profit at head shoulder level, will then short way back down to 1.3

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