Explanation is on the chart, but price was rejected on the AB leg of the pattern today making the probability of price retracing along the BC leg, which is the area where I will be looking to go short the pair, to the stated profit levels on the chart. If price continues downward then the pattern will be invalidated, where as I will be looking elsewhere for better trade opportunities. But yea, all in all, it looks like it will setup quite nice. So we'll see what price decides to do, and trade based off of what it speaks to us. And since the pair is in a long term downtrend I only look for shorting opportunities on it. Happy Trading traders =D
Also of note, in smaller time frames (30min / 15min) E/U has followed through AB=CD pattern on there.. with the most recent pattern completing at the bottom of the larger time frame (4hr) AB=CD