This descending triangle pattern on the daily chart of the EUR/USD currency pair offers an opportunity for a short trade in case of a downside breakout. The triangle's borders are marked with the yellow lines. The cyan line is where my potential entry level will be. The green line denotes my take-profit level. I will set the stop-loss level to the triangle's highest point (1.09357) marked with the red line. I will ignore bullish breakouts from this trend continuation pattern.
Trade active:
Short position triggered today at 9:46 UTC with an Open at 1.02907, SL at 1.09357 and TP at 0.97621. The risk-to-reward ratio is rather poor here, but the breakout looks good.
Trade closed: target reached:
Take-profit reached today at 8:14 UTC.
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