EURAUD has been going upwards on the H4 chart. The Daily chart shows that the pair had a strong Bearish move and the trend is still with Bear though. However, the price is at a massive level of Support on the H4 chart. If the level is held and pushes the price higher to make a breakout later today, then the pair might offer us a long entry later today. Let us have a look at the H4 EURAUD chart.

The level of 1.57370 might come into play and play an important role here. As the chart shows that the price had reacted on this level. Thus, if this level becomes the Support today and produces an H4 Bullish Engulfing Candle, then an H1 breakout at the level of 1.57870 would push the price towards the North up to the level of 1.58500.

• Buy Stop Order: 1.57870
• Stop Loss: 1.57370
• Take Profit Target: 1.58500
• Validity: 72 hours
• Whenever possible, move the stop loss to the entry price and whenever you want, you can take profit anytime as long as you feel comfortable

ECB president Draghi has a speech to give at GMT 09.00. This is a very high impact news event. On its day, this news event could make the EUR pairs be extremely volatile. We should be very careful dealing with this news event. It cannot be said that the EUR pairs will get to extreme volatility today or not, but they will have at least some volatility at the time of his speech. This means we might get some breakouts and some trading opportunities on the EURO pairs today. Among all the EUR pairs, EURAUD looks best to me. Let us wait and see how it ends.