I have two scenarios in the works on EURAUD and this is their description. I am not in any position yet, but I will be searching for a good entry to long. There might be an opportunity for a little short as well, until we have a good opportunity for a proper long position.
I think QQQ is a good purchase here as long as it holds above the 160 weekly trend channel support level. My target is the gap fill at the 169-171 level within the next couple weeks. If you place your stop loss just below 160 (near 158 for example), you risk 4 dollars a share with a reward of 8 dollars a share if you set your profit exit at 170. That's a Risk...