Price respects the AB=CD completion

FX:EURAUD   Euro / Australian Dollar
165 3 0
Price has reached and triggered the AB=CD pattern. The
PA at D-level was more in line with the normal which suggest
a minmum target at 1,5010 level which coincide with the yet
un retested horizontal neckline of the large Head & Shoulders
pattern. The Monthly PP             stands slightly higher than this target
at around 1,5045. Thus, even if it is not welcomed by bears
trading the H & S pattern, it would still be quite normal PA
if price reach 1,5125.
Only IF price breaches this level and move higher (above
Monthly PP             ) the whole setup comes into question. Scalping on
the long side, with the AB-CD             pattern is the preferred strategy
right now. The minimum target of the whole ABCD stands at
1,5125 level, which would still beacceptable for the H & S
if it is strongly rejected and price returns right back.
A breaching of 1,4685 level will move the D-point downward
to the 127 or 161 extension (not marked in this chart).
Also, the D-point was reached with distinct bullish divergence
on MACD , which also adds to the upward potential.
D-level 1,4685 is under intense pressure, The 127extended D point is at 1,4460
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