On the graph, there is the triangle pattern, one of the most wide known phenomenon in forex trading, which makes it one of the most reliable strategy as well: waiting for the break through and opening position in the appropriate direction of the breakthrough.
Good risk reward ratio:
If Long then we can put stop loss at around 1.1659 and take profit at...
A few things here
Broken support line
MACD has just crossed and entered the sell zone, shown by arrow
RSI has a broken pattern as well, indicated by the arrow
To set stop loss level, it is clear there is a strong resistance at around 1.075, as it bounced back down twice from this price, so 1.08 is a safe level
As for the Reward, Fib and previous structures...
Head n Shoulders, like shown on the chart
RSI in a strong downward trend
The Swings thingy has been broken AND confirmed too
---> CONFIDENT LONG-TERM SHORT HERE, JUST MATTER OF FINDING A GOOD ENTRY REALLY <---
Best of luck everyone :)
Flags in general continue to go in the direction of trend and also looking at historical flag pattern formation particularly on EURAUD, it is clear, the trend will likely to be kept, so its just a matter of time to look for a good LONG entry!
If the rectangle area is crossed, I believe it will be the best time to enter, as RSI show stable upward trend too
