This head-and-shoulders pattern on the D1 chart of EUR/AUD offers a bearish breakout trading opportunity. The pattern's neckline and shoulder line is shown with the dashed yellow lines. The shoulders and the head are marked with the yellow curves. My potential entry level is at the cyan line. My potential (conservative) take-profit is at the green line. The stop-loss is to be set to the high of the breakout candle (not shown on the chart).
Trade active
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Short trade entered at 1.58875 today at 18:40 UTC. The stop-loss is at 1.59941 and the take-profit is at 1.56301 (subject to change due to the inclined TP line).