EUR/AUD has been bearish for the last two days. The pair made a bullish correction on the 15M chart to start its trading day. Then, it made a breakout at yesterday’s lowest low at 1.60920 and had a bounce at 1.60600. The price then consolidated within these two levels. Upon producing a doji candle followed by a bearish engulfing candle the pair made a breakout at the level of 1.60600. An entry has been triggered right after the breakout candle’s closing at 1.60472. The price may make a bearish move up to the level of 1.60472. However, it may find its next support around 1.60080. We may consider taking a partial profit at that level depending on its bearish momentum.
Stop Loss: 1.60872
Take Profit: 1.59372
The risk for the trade per standard lot is $ 300.14, Mini lot $ 30.01 and Micro lot $ 3.00. The risk-reward is 1:2.75. Thus, the reward for the per standard lot is $825.38, Mini lot $ 82.53 and Micro lot $ 8.25.