traderh
Long

EURAUD Long Opportunity

FX:EURAUD   Euro Fx/Australian Dollar
69 0 3
AUD has went up significantly for the past several days or even weeks. EUR has been pounded. EURAUD             has higher degree of negative correlation with AUDUSD             . Since AUDUSD             has broke out, we're expecting to pullback for a retrace after hitting 113, 127 extensions.

With EURAUD             now at weekly support, our bias is to go long on this pair. Today's move proved to show us a possible formation of a base at current levels. Plotting out the harmonic pattern , we have a shark formation with near term target of 1.4720.

Trade this with caution. Extremely volatile.
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