EURAUD - Cypher for trend continuation

24 gen 2015

This pair (as many other EUR pairs) has been very bearish. We are looking at a potential Cyper Pattern completion here around 1.4331 (a 1.618 extension of AB and 1.414 extension of BC can be found a little lower) where you can enter the trade for a continuation of the downtrend. C did not fully reach the 1.272 extension of XA but is within a couple of pips from it, if your trading plan requires 1.272 to be reached, stay away from this trade.
Stops go as always above X, due to the high volatility I would suggest to go for 20 pips or 1 ATR on the hourly chart.

Conservative targets go @ the 382 and 618 retracement of the AD leg.
Aggresive targets are possible (as it is a trend continuation trade) and would go @ the 618 retracement and 1.272 extension of the AD leg.
Remember to always roll stops to break even when target 1 is reached.