Here is my setup for EURAUD. I am using elliott waves rule for this trade to get 4.5R trade setup.
As you can see price now on a correction after an impulse wave-(iii). Fourth Wave usually are only a quick correction and stopped around 50% fibonacci of Third Wave.
After counting the fibonacci retracement, we could try putting a buy limit order at 1.6315 which is the 50% fibonacci retracement of wave-(iii). For protective stop loss, we will use elliott waves rules where Fourth Wave could never touch First Wave.
Buy limit EURAUD 1.6315 Stop loss 1.6270 Take profit 1.6450 (3R)