Focusing attention towards the EURAUD cross pair today with a price action setup that we would like to share with traders. The EURAUD has recently has an explosive rally and the end of the last trading week, right into Weekly resistance which is marked on the chart above.
Last Forex session, price churned away under this important level and closed as an Indecision candle. Price is also extended away from it’s mean value, for those who follow the Price Action Protocol know how his can present a trading opportunity.
If price breaches the low of the Indecision Candle, this could lead to a correction move back to the mean, possibly even building up enough bearing momentum to cut through it and keep on going. To understand more about indecision signals and mean reversion tactics, check out the Price Action Protocol.