James-LFA

EURAUD break of ascending channel with pending retest

Short
FX_IDC:EURAUD   Euro / Australian Dollar
Here we have had a strong break down from the EA daily/h4 ascending channel . Textbook price action in this case is a retest of trend line or resistance zone before entering sells. We can have high confidence in this set up, especially because the daily and h4 both broke a lot of market structure on the initial break down. As the chart pattern is high time frame, I will need h1/ h4 confirmations before taking entries. Risk Reward should be high as there is a lot of room back to the downside, even just to the low formed by the initial break.