Despite a month which has largely been devoid of legitimate trading opportunities thus far, we identified a sell opportunity on the cross-pair EURAUD last night with good profit potential.
On the Daily chart, Tuesday’s a bar closed as bearish engulfing pin bar reversal which rejected the soft level @1.2738. This was further supported by short-term divergence on the RSI
We also had seasonality supporting a stronger bullish move in the Aussie Dollar in comparison to the Euro.
Therefore, we placed our sell orders to capture the break ofTuesday’s low (with a stoploss above its high (plus spread, plus 1 pip) and trail for every second seller bar.