EURAUD looking at possible strong Bearish move.

FX:EURAUD   Euro / Australian Dollar
On the 4-hour chart for EURAUD             , price has recently started to chisel out a nice Head and Shoulders pattern. If price continues this way, a break and close below 1.5340 would confirm this move and would expose the 1.50 handle for a possible target.

Trade idea - Wait for a close below 1.5340 and then a confluent confirmation to entire a SELL trade. Watch for price to reach 1.50 for taking profits.
The right shoulder needs to be larger. It hasn't broken the neckline by much, so it can still go back up and form the right shoulder.
+1 Reply
SubTh3ory kosai19
That's very true, however I want to be ready in case price decides to use structure resistance at 1.5340 to make it's drop. If this ends up pulling back up, I will still have the opportunity waiting for me later on.
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