EURAUD - Recovery higher likely

EURAUD has hit a major extension target recently and is also exhibiting a multi week MACD bull divergence. I will try to upload a chart tomorrow or over the weekend. I just wanted to get the message across that I think that it is a great long with stops below 1.6587 (01 Jul 08 high). All will become clear when you see the charts. My reasoning here is that the so called global recovery has got way ahead of itself. Folk are talking of rate hikes in Australia. If signs emerge that all is not well the currencies that will get the biggest kicking are the commodity currencies and in particular AUDUSD And NZDUSD. To play it safe I have chosen this trade as I see a good technical set up too. Good luck if you have a go. Trade has potential for 1.8104 (13 Jul high) initially. this is one of the rare occasions where I see no harm in simply hitting market.