FX:EURAUD   Euro / Australian Dollar
EURAUD is trading in a tight range of 1.5650 to 1.5800, the pair is in a pause before the next leg up and over 1.5800. I am looking for an entry @ 1.5650-65 with a bullish candle. Also the the pair is resting on the 20 day ema , the only indicator I use, coupled with over 77% of retail trader short on this pair lends me to look for longs. I think you can get a nice rr of at least 5 plus if you can get in close to the bottom of the box.
Comment: I was able to get long at 1.5641 as the hourly pulled back into the box, my stop is at 1.5616, I am risking 25 pips and targeting 1.5780 for possible 5.5 rr.
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