With the dollar gaining a lot of strength lately, the inverse correlation with the euro looks to be taking place. EURAUD may be another pair with good technicals to trade in order to capitalise on the potential fall in the euro. We currently at extreme highs which hasn't been traded above since late 2009 and have formed a bearish hammer candlestick on the monthly, clear deceleration on the weekly and a nice double top on the daily. I'm waiting for a clear break of the daily 50ema and 1.59 before taking the first lower high on the re-test of this area. If the USD strength continues, this could possibly be a long term hold and a huge position.
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Analysis worked out nicely. Unfortunately none of the strategies I trade gave me an entry.
I hope so, many charts saying long though.....bounce off 1.57
joshdonoghoe
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@axelroses, yeah all depends on how EUR/USD turns out as well. We did break below that daily 50ema which has been very well respected in the past and 1.59 at the end of the week which definitely says something for now... waiting for a clear lower low and lower high before pulling the trigger myself.