Time to Sell EURAUD....Finally?

Despite a month which has largely been devoid of legitimate trading opportunities thus far, we identified a sell opportunity on the cross-pair EURAUD last night with good profit potential.

On the Daily chart, Tuesday’s a bar closed as bearish engulfing pin bar reversal  which rejected the soft level @1.2738. This was further supported by short-term divergence on the RSI

We also had seasonality supporting a stronger bullish move in the Aussie Dollar in comparison to the Euro.

Therefore, we placed our sell orders to capture the break ofTuesday’s low (with a stoploss above its high (plus spread, plus 1 pip) and trail for every second seller bar.

EURAUD Sell: 23rd April 2013
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.