EURAUD Next Week Outlook

By Lawrence

This pair caught my attention because it is landing right at the 100% expansion level based on previous week range (left side blue lines).

Buying on weakness in the beginning of the coming week should be a nice scalp setup as it is a counter-trend trade. The target is the obvious previous week low level marked by the red zone.

Once the bounce is completed at previous week low zone of 1.4000 area, and that a sell setup on hourly present itself, that would be a very good low risk entry for a retest of the current week low.