EurAud - Hourly Chart

Head and Shoulder Pattern formed with current price action testing neckline at 1.2495. The Target of the move sits at 1.2405 slightly under the 61.8 Fib retracement of the last up leg from 1.2334.

Initial support at 1.2471/80 - with S1, 111ema and previous horizontal support. Then 50 Fib at 1.2439 and S2. Followed by the target zone inbetween the 61.8 and 70.7 Fibs.

An hourly close back above the neckline and daily pivot at 1.2503 would invalidate for a retest of 1.2543 highs.