60 min EurAud Head & Shoulder pattern still in force
after the pair held first support last night to retest the neckline at 1.2480 .
The failure to break back above the neckline confirms the validity of the
pattern with the measured move target revised to 1.2380. On the day 1st
support lies at the Asian session LOD at 1.2472 then S1 and the 50 Fib at
1.2438/42 with the third support zone at S2 and the 61.8 Fib at
1.2412/15.
At this point only a break and close above 1.2485 would
invalidate the pattern.
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