Spotted a potential Long opportunity out of EURAUD.
I have a spotted a potential Head and Shoulders pattern completing on various time frames. Typically we would take the position at the break of the neckline. but we will start this trade with low exposure opening up at the right shoulder. We will make the break of the neck line the alternative target. We have to take the more risky end of this trade because of the upcoming fundamentals ahead, that may sway, interfer or cause loss during this trade.
So if the right shoulder hold like it has been doing, that looks promising to say the least. I wouldn't advise, opening this trade at market during consolidation, if your are not prepared to wait.
FUNDAMENTALS: As we have january 25th we hav EUR, ECB deposit Rate. And Refinancing Rate.