EUR/AUD: consolidation and bearish breakout to drive the price towards the South
|EUR/AUD has made a strong bearish move on the intraday charts today. On its way, it has made several breakouts as far as intraday charts are concerned. The price has been on consolidation. It is approaching to resistance at the level of 1.6300, which may play a significant role to drive the price towards the South further. If the level is held and ends up producing an H1 bearish engulfing candle closing below the level of 1.6276, the price may head towards the south with good selling pressure.
Summary of the trade:
Entry: Below 1.6276
Stop Loss: Above 1.6300
Take Profit 1: 1.6230
Take Profit 2: 1.6200
Please Note:
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The level of 1.6300 must not be breached by H1 candles.
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The level is to produce an H1 bearish engulfing candle.
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The signal candle is to close below 1.6276.
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