FXDAH

EURAUD head and shoulders repeat

Short
FX:EURAUD   Euro / Australian Dollar
EURAUD moved nicely lower last week before an inverse head and shoulders on the hourly on Thursday/Friday wiped out all of its gains. I see the same H&S pattern forming here indicating a reversal and another move down, the fact that the right shoulder is sloping downwards too is also indicative of a very fast and severe drop down in the EUR relative to the AUD.

Reticent to place this trade as lots of news coming out this week concerning ROI discussions and EUR outlook but the patterns look robust so fingers crossed!