Technically EURAUD was at a resistance level and price rejected forming an inside pin candle. We looked for a mean reversion trade here back into the daily highs before seeing an impulse higher. Unfortunately, the Aussie has continued to weaken into today's session also stopping us out of our position. With the CoT reports highlighted a 106% rise in short contracts, more upside looks likely here.
Nice update. The market is definitely still bullish on majority of the time frames. But a potential bear market might start in the days to come. The pair is on my watch list as well