This session we’ve got a nice crisp looking trend line that has developed here on the 4 hour chart of the EURAUD market.
Price has been moving aggressive to the upside here, using this trend line as a supportive structure to terminate counter trend movements.
The daily chart looks very extended from its mean, and shows price has moved too fast too quick.
I am waiting to see if we can get a 4 hour candle to close on the negative side of the trend line structure to consider short trades.
In my opinion, when this trend line fails to hold, we are probably going to get a nice sell off.