EURAUD 4hr. For the head and shoulder pattern to be valid I believe the down leg after head formation should've gone to the neckline at around 1.3890 (shown by ellipse with question mark). Instead the pair was halted at 200ma confluent with 50% retracement and created a higher low, invalidating the h&s in my opinion. The pair may now respect this ascending parallel channel shown with long target at 1.4500 confluent with upper channel and -27% fib extension.