I opened sell order on EURAUD on 1.5930 because i see head and shoulders pattern and 2 levels (blue squares) and 2 breakouts of this levels.
TP - 1.5745 SL - 1.6005 RRR - 2.46.
Sl near 74 pips so use lower trading volume. Good profit for all us!
Here we are on EURAUD daily chart and as we can see that last week this market get pulled back towards broken support level which is located near 1.5700-1.5650. we have obvious bearish pin bar on this new resistance level which is also aligned with confluence of dynamic resistance and trend momentum is now looking down as well... let's see how this market unfolds...
This is an update to my original analysis a few days ago and adds confirmation of the downtrend breakout from the channel. If you did not take the trade a few days ago then here is the second chance. the nice pinbar on the daily chart shows rejection of the channel again and once we again breakout of the bottom of the channel we should see a new low below 15400