Kevin_Lomax
Long

EUR/AUD Decent long set up

FX:EURAUD   Euro Fx/Australian Dollar
49 0 2
I won't be taking this trade because it does not meet my entry requirements. But, it's not a bad set up that I want to share nonetheless.

Price has an OK (not the best) regression trend channel. If we draw a fibonacci on the daily we can see the .382 coming in the support area of channel support and 50 day moving average . Price is approaching this level with strong momentum , so it will be key if this area can hold.

If it can hold and price continues there is several hundred pips on the upside. Again, I'm not taking this trade and I think this set up should be approached be with caution.
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