EURAUD has been on this huge downtrend since June 2016, quite clearly seen here on the daily charts. I am looking to go with the trend at least up to the Bullish Bat Pattern completion at around 1.3704
Pattern Identification Let's not fight the downtrend and look to go short. However price will not go down in a straight line all the way down. I have identified a bullish Bat pattern completing at 1.37
Trade execution I am looking for a short when the price retraces up to the support turned resistance TL
Comment
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Zooming into the smaller time frame : The H4 RSI is approaching the oversold region. Hence I am expecting a bounce or a pause in this down move.
Then I will be looking to go short towards the completion of the Bullish Bat pattern