EURAUD area of congestion
-4 Week rectangle developing
-Gun to my head, I would say I have a long bias. Ideally, I would like to see another 2 weeks within this range to give conviction to a buy or sell
Reasons to go long
-Trend is up
-Consolidation is taking place above November 2017 high
Reasons to go short
-One day out of line movement on the 19th July
-A rounding abbreviation of the high open/close of preceding candles
-Potential to be the right shoulder of a 37 week thus far H&S, However is a little abstract
Will monitor into the week and take a position on a daily close outside boundary and if R/R is above 3/1
20 to 30 basis points of risk planned
-Gun to my head, I would say I have a long bias. Ideally, I would like to see another 2 weeks within this range to give conviction to a buy or sell
Reasons to go long
-Trend is up
-Consolidation is taking place above November 2017 high
Reasons to go short
-One day out of line movement on the 19th July
-A rounding abbreviation of the high open/close of preceding candles
-Potential to be the right shoulder of a 37 week thus far H&S, However is a little abstract
Will monitor into the week and take a position on a daily close outside boundary and if R/R is above 3/1
20 to 30 basis points of risk planned
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