EUR/AUD: Wait for the correction to get over to go long
|Chart 1 EUR/AUD Daily Chart
EUR/AUD has been bullish on the intraday time frames. The price has made a breakout at the level of 1.6300. The very next candle closed above the breakout candle, and then the pair has started having the correction. If the price comes back to the breakout level and produces an H1 bullish engulfing candle closing above the level of 1.6320, then the price may head up to the level of 1.6395.
Summary of the trade
Entry: H1 bullish engulfing candle at 1.6300, closing above 1.6320
Stop Loss: Below 1.6300 Take Profit: 1.6395
Please Note:
1. The price is to have a full-wave correction up to the breakout level.
2. The signal candle is to be a bullish engulfing candle.
3. The signal candle is to close above the level of 1.6320.
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