This is a long term view as to the direction of EURAUD on the 4hr. I believe eventually we will see the structure breakout of its descending triangle formation (seen on the daily time frame) to the downside.
We are currently oversold sitting on the lower trend - an immediate breakout here will invalidate our best shorting hopes. However if a pullback follows the breakout we can still get in providing your strategy allows it.
Green - Best shorting setup as it allows us to get in short at the upper, descending trend allowing us to place tighter stop for a better risk reward as well as allowing us to catch the most amount of pips.
Yellow - Watch for a flag, then short.
For now, I am long on this pair As I don't believe a breakout is possible yet, however if a flag forms I will change my mind and look to get short.