EURAUD Decision Zone

OANDA:EURAUD   Euro / Australian Dollar

EURAUD moving into important decision zone.

With the previous uptrend being broken with strength we hypothesize this recent up-move is simply counter-trend to set a lower-high, with price being at an ideal location for that lower-high to be created.

A selling opportunity will present itself upon a break of this counter-TL as well as a break of the previous counter-trend low. We will then look for price to pull back to the last counter-trend low for entry with stops above counter-trend highs. Target One circa 1.5500. Target Two circa 1.5400 - 1.5350 just before weekly structure / decision zone.

1.5650 could prove to be a tough price to break, but if broken, I will have high confidence in the trade reaching Target One & increased probability of reaching the weekly decision zone.


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