EURAUD MARKET ANALYSIS

Good morning traders, I hope you all had a wonderful weekend and you're ready to tackle the markets this new trading week. Into the markets today, I'm looking at EURAUD where price rallied to a key H1 & H4 bearish BOS at 1.60117 & 1.59622 which is the origin of the previous drop to the H4 low at 1.58540 from the major H4 & daily supply zone at 1.61585 & 1.60750. Price has filled the minor H1 range from the H1 & H4 bearish BOS to the H4 low at 1.58540 and back to the H1 & H4 BOS. Price rallied into the BOS and formed a rejection wick with candle close inside supply followed by a strong H1 bearish engulfing candle confirming the bearish sentiment. Took sell positions during London session at 1.59660 with SL at 1.60000. Setup taken is a rally base drop, a reversal setup and my target is at the next H4  demand zone at 1.57256 & 1.56609.

Price dropped in one large H1 bearish engulfing candle to the 1st H1 low at 1.59500 then failed to break it and instead rallied back deeper into supply putting my positions in drawdown and eventually hitting SL. Price rallied back to the major H4 & daily supply filling the major range back to supply hence hitting my SL and taking out my entries. 
LOSS = -1.5%