EURAUD reacts to H&S target

EURAUD has now produced "impulse-like" 5 waves up, reacting to the measured move target of the head and shoulders pattern outlined in a previous idea (linked) at 1.5980, and horizontal and trendline support in the 1.6000 area. A retracement of a corrective nature and a break of the local trendline should warrant consideration of a long position.