Possible Short Opportunity EURAUD

I'm watching price-action on EURAUD. Here's why...

Price is currently in a resistance zone based on the recent previous structure
The overall 4-Hour chart trend is bearish based on the 200-EMA
Price is currently in a counter-trend and seems to just be a minor correction of the overall downtrend
My money-flow indicator has the demand very high and in the overbought region

I'm hoping to see some type of bearish-divergence in the next few candles. I will keep an eye on this to see what happens.

Note

Price broke the counter-trendline and is headed down. Currently in the profit but we still got a little ways to go. I'm thinking price will head down for about 60 - 70 pips before the EUR economic news release at 2am EST.

Note

I'd sit tight at the moment and wait for the price to breakdown below 1.67115 before I'd take a sizeable short. Keep in mind that EUR economic release at 2am EST can give volatility to this pair. If it works in our favor, we'll take a good position. If not, we'll stay out and look for other opportunities. No biggie.

Order cancelled

I am out of this trade. Price has retraced above a key level of mine on the 1-hour chart. So I'm happily out of this. On to the next.

FXTwentyOne

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FXTwentyOne

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