Wednesday, March 01, 2006

Eur/Aud breakout

The Eur/Aud broke down below support and confirmed a test of the triangle formed over the past month. I am expecting the full run down to 100% retracement on the fibonaccis and the bottom of the channel. A stop near the 38.2 fibonacci line would give a nice risk to reward of nearly 3.5 to 1. CCI is confirming the trend, entering into the lower reversal zone and the oscillator trending itself.

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