Over the weekend I mentioned the idea that EURAUD would likely collapse unless buyers came out in force this week. Based on today’s session thus far, it seems this idea could become a reality in the very near future. The Euro cross is currently trading at its lowest level since April 22nd and is treading water 50 pips under the four-year support level that extends from the 2012 low. Here is a look at the broader wedge pattern that extends back to the 2008 high. Because support has been respected on a daily closing basis over the years, it will take a daily close below it to confirm the setup. That makes the intraday ... (full story)