RE-VISIT | EURAUD

Tendency: Temporary Uptrend ( Bullish )
Structure: Support & Resistance| Inverse Head & Shoulder
Observation: i. The structure depicts a continuation pattern, as price typically experienced a breakout of the triangle in the price direction prevailing the pattern.
ii. The trendlines of the triangle run along at least two swing highs and two swing lows.
iii. Breakout (indicated on chart with a blue circle) of the triangle indicates a long trade.
iv. Price action is above Moving Averages.
Trading plan: BUY with TP1 and TP2 (1,600pips) and SL @ 80.500/80.000 zone.
Risk/Reward: 1/2.5
Potential Duration: 20 to 50 days

** Please note that Stop Loss is subject to individual risk appetite per trade and account size.

Watch this space for updates/follow-up on lower time frames as price action is been monitored.


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