EURAUD --> Possible short opportunity
EUR/AUD Trading Plan
The currency has a bearish trend marked by falling channel which started in october. Right now is making a pattern, the shoulder-head-shoulder is a typical figure formed on charts and studied in technical analysis.This figure begins its formation with a peak, followed by a second higher peak and continuing with a third peak lower than the second, but, approximately, equal in height to the first. Prices form three peaks in which the central peak is higher than the other two extremes. Not always the structure is perfect, for example in this case we would have two right shoulders, which does not detract from the validity of the structure. We need a bearish breakout at the marked trend line to be able to enter, once we make the entry our target would be 1.5300
The currency has a bearish trend marked by falling channel which started in october. Right now is making a pattern, the shoulder-head-shoulder is a typical figure formed on charts and studied in technical analysis.This figure begins its formation with a peak, followed by a second higher peak and continuing with a third peak lower than the second, but, approximately, equal in height to the first. Prices form three peaks in which the central peak is higher than the other two extremes. Not always the structure is perfect, for example in this case we would have two right shoulders, which does not detract from the validity of the structure. We need a bearish breakout at the marked trend line to be able to enter, once we make the entry our target would be 1.5300
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