Wolf

[EURAUD] Watch the break - Triangle pattern

FX:EURAUD   Euro Fx/Australian Dollar
103 0 2
We can see a clear triangle pattern . However on this side, On the resistance, it is by a trend with a smaller time interval than the one marked as resistance (blue lines).

But this is an important zone because the trend that has been notorious from the past months has reached into an important horizontal support line at 1.404, and as a response we saw a bullish candle, however once it went up, it didn't break the current bear trend from August.

So, what do we have left in this series of bounces and not breaking anything?
- A price trapped in a triangle, so it is better if we watch this triangle break.

If it breaks downside, it would confirm a break not only from the past months trend, but also from the horizontal support line and it would at least try to hit the next horizontal support line.

If it goes upside, it would try to at least to hit the resistance line and break it. Specially if it failed to break the support twice.

Another strategy is to wait for a bounce on the resistance, then a break downside would confirm a very reliable short trade with the price going down.
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