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EUR/AUD: Sellers eyeing on the breakout level

EagleFX

EUR/AUD has been bearish on the daily chart. Yesterday’s candle came out as a bearish engulfing candle, which breached daily support. The H1 chart today shows that the price made a breakout at yesterday’s lowest low and traded below the level for some hours. The price may go towards the breakout level to make a bullish correction. If it does, then the sellers may get an opportunity to go short in the pair.

Chart 1 EUR/AUD H1 Chart


The chart shows that the price breached the level of 1.63650 and traded below the level for three more candles as of writing. The price seems to have found its support. It may make a bullish correction. If the price goes back towards the breakout level and produces a bearish reversal candle the sellers may go short below the level of 1.63100.

Trade Summary:

Entry: Sell below 1.63100
Stop Loss: Above 1.63650
Take Profit 1: 1.62465
Take Profit 2: 1.62270
Take Profit 3: 1.62000

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