Sell EURAUD Triangle Breakout

Apr 18, 2024

The EUR/AUD pair on the M30 timeframe presents a potential shorting opportunity due to a recent downward breakout from a triangle pattern.

Potential Short Trade :

Entry: Below the broken support line of the triangle, ideally around 1.6570 after confirmation.

Target Levels:
1.6477: This represents the height of the triangle, measured from the apex (highest or lowest point) to the base (opposite trendline), projected downwards from the breakout point.
1.6420: This is a further extension of the downside target, based on the height of the recent price movement.

Stop-Loss: Place a stop-loss order above the broken support line of the triangle, ideally around 1.6610. This helps limit potential losses if the price fails to break out and reverses upwards.

Thank you.

Apr 18, 2024

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