This analysis shows the main factors behind the Short Position opened on the EURO AUD. These include
1. The Formation of Double Tops on the Daily Chart.
2. The Formation of a Pennant Setup on the Daily Chart.
3. The expected move towards major Support within 3 Days.
4. The expected move towards the Pennant Support in 7 to 14 Days.
The market provided a strong Tweezer Top to indicate the start of U-Turn on the Daily Chart, which would lead to completion of the Double Tops Signal. Once completed, it will take us lower towards a short-term Support that can be used for our first target. Thereafter, we can wait until the market provides us with another setup to trade towards the Support Boundary of the large Pennant Consolidation.
I agree with you. EURAUD on the weekly stinks, unless it stages a miracoulus recovery by friday, 1.5360 is a done deal. I think only a bad selloff in the stock market\commodities can help save the euro, while positive macro data will further crush the euro and help the aussie.