The EURAUD which has seen a steady decline since mid May, has made new highs since July 18 this morning. The price has inched above the July 27th high at 1.18549 and the high from last week at 1.18478. The price momentum has slowed as these levels are approached (habits are hard to break -especially in what has been a strong trend), but the correction off the high has so far found early buyers against the 1.18478 high from last week.
Although it would be great for the longs if the price could stay above the 1.1847 level, I would think that some traders will keep the bullish bias as long as the price can stay above the 1.18203-31 level now. This is the 38.2%-50% of the move up today. Look for early buyers at the 1.1833 level.
