EURAUD price action since 2/1 may compose a triangle. Triangles typically consist of 5 contracting swings. 4 swings are visible now. A final dip into 13000 may complete the triangle. The measured objective is 13480 (width of triangle at its widest part added to the top of the triangle or 13190 + (13190-12899)). If the 13010 order isn't triggered, then I'll look to buy above 13190 with a tighter stop.
--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com
To contact Jamie e-mail jsaettele@dailyfx.com. Follow him on Twitter @JamieSaettele
Subscribe to Jamie Saettele's distribution list in order to receive actionable FX trading strategy delivered to your inbox.
Jamie is the author of Sentiment in the Forex Market.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.
