EURAUD DOWNSIDE CONTINUATION

8 week consolidation rectangle within 1.45-1.415 region. A breakout to the downside is favored due to the initial break of the larger range of 1.61-1.45.Initial targets around the 1.38 level thereafter a larger longer term target of 1.29-1.3. Aggressive stops could be near the breakout days high or above 1.45.