In my previous post I mentioned that I favored a bearish move for EURAUD and although we saw a perfect bearish impulse I didn't see the consolidation I was looking for to sell the continuation. This is not a big deal because now we have another trade opportunity that might present an even better trade. I believe we saw a 5 wave impulse lower and I like to see a 3 wave correction which might go as far as that projected confluence zone. Today we saw a minor bullish impulse which might be the start of a wave 'A'. Once wave B settles we can buy the third leg higher. Once the correction of larger degree (ABC) is complete we can sell the next impulse lower.
updates will follow
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EURAUD is in an important and strong support zone. Watch for a reversal or correction. Ideally we see a correction (bear flag) setting up for a bearish continuation which in case it happens will most likely be by means of a thrust out of this contraction zone and turn out to be a strong move lower.