EUR/AUD: Wait for the correction to get over to go long

EagleFX Team EagleFX

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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Author

EagleFX Team

EagleFX

EagleFX Team is an international group of market analysts with skills in fundamental and technical analysis, applying several methods to assess the state and likelihood of price movements on Forex, Commodities, Indices, Metals and

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