EUR/AUD has been bearish in the daily chart. The price has been heading towards the South at a moderate pace. Yesterday’s candle came out as a bearish candle. The H1 chart shows that the price made a breakout at yesterday’s lowest low. The price may make a bullish correction. If the price produces a bearish reversal candle at the breakout level, the sellers may get an opportunity to go short in the pair.
Chart 1 EUR/AUD H1 Chart
The chart shows that the price made a breakout at the level of 1.62210 and traded below the level for several hours. It seems that the price may have found its support. It may make a bullish correction from here. If the price goes towards the North and produces a bearish reversal candle at the level of 1.62210, the sellers may go short below the level of 1.62060. The chart shows that the price has enough space to travel towards the South. Thus, the sellers may consider taking a partial profit at Take-profit 3 and let the rest of the trade run.
Trade Summary:
Entry: Sell below 1.62060
Stop Loss: Above 1.62210
Take Profit 1: 1.61700
Take Profit 2: 1.61560
Take Profit 3: 1.61330