This chart shows an ascending channel pattern that has formed on the daily timeframe of EUR/USD following a long-term downtrend that had been active since July. It can now be used for a bearish breakout trade setup. The pattern's borders are marked with the yellow lines. The potential entry level is at the cyan line. The potential take-profit level is at the green line. The position of both lines is calculated based on the channel's width. The stop-loss isn't shown on the chart. It is to be set to the high of the breakout candle (or to the high of the preceding candle if the breakout one is trading mostly outside the channel).
Trade active:
Entered on breakout today at 11:16 UTC. Open = 1.05441, SL = 1.06748, TP = 1.04225 (TP is subject to daily updates).
Trade closed: stop reached:
Stop-loss hit at 13:30 UTC today.
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