EURAUD – staying out for the moment.
EURAUD is a pair that from my experience has many surprises. This is just based on long experience of understanding the ‘personality’ of this pair.
I also know that there is a probable move south on stockmarkets which the Aussie tends to follow. The EURO took a beating last week, so punters are likely to try for a ‘good deal’. So if both happen, EURAUD has some probability of moving north on my favoured time frames.
Whilst on the weekly (which I don’t trade), the picture suggests probability of travel south, on my favoured lower time frames it looks doubtful.
I cannot find a sound entry position, so I’m happy to be left behind if the markets moves further south. Missing out is fine, cuz I’d have lost nothing! And in a ‘game’ where 80-90% of traders lose money, if I have missed and not lost anything then I’m winning! :))