EURAUD inverse head and shoulders

Potential to form a an inverse H&S pattern, divergence is showing as well. A pattern would be perfect on another touch and bounce from the trend line. Neckline resistance, trendline and 200SMA, all show a strong level, a break through that is great confirmation for a long.

Stop will be placed below the latest swing we see before the break. Target MPO at 61.8%, though strong resistance in the way at 50%.

Share your thoughts on this setup!

Good Luck!