EURAUD - Head & Shoulders in Play

Continuation through to H&S target of 1.458. The minor retracement gives a further downside target to 1.44 (rounded off)

EURAUD - Renko Charts, Head & Shoulders

Edit:

What seems to be a double bottom could pose some risks. If the double bottom is true, then we could see price rally up to 1.52165 (one brick above the neckline of the H&S) before dropping further.

EURAUD - Double Bottom Risk

So for existing short positions from the neckline, it would be ideal to move stops down to 1.495 (with the risk of giving away some pips but giving enough room to the downside).

New short positions could see their stops coming in at 1.495 and perhaps scale out if a bullish renko is posted closing at 1.4765.