Is it time to take profit in EURAUD? The hourly chart hit the bottom channel trend line and seems to have found some willing buyers/profit taking against the defined risk. On the daily, the all time low reached in February bottomed at 1.2130 (low today reached 1.21684). If buying, I would not risk more than a new low as a break will likely look to attack the all time low one more time.
Where would buyers feel more comfortable (you are trading against the trend after all)? Move above the 1.2188 and longs can manage the correction better. This would take the price back into the intraday channel (i.e. failed break lower) and also above the 38.2%-50% Correction Zone of the last leg down.
