#EURAUD H&S pattern confirmationHello, traders. I hope you all had a great week.
Let's take a closer look at the EURAUD chart, which currently appears to be forming a reverse Head and Shoulders pattern.
One positive aspect of this chart pattern is that the price has formed it within a strong support zone, including the Daily Bullish trendline and the previous Daily market top, which is now acting as support for the price. You can observe both of these elements when you review the Daily time frame.
The presence of a bullish chart pattern around a significant low or support area certainly enhances the likelihood of the formation moving in the expected direction.
Now, to execute this trade, I would recommend patiently waiting for a retest of the broken neckline and then targeting the minimum one-to-one price target of the head and shoulders target. However, it might be a good strategy to consider taking partial profits along the way up.
