EURAUD: Potential Short Opportunity

8 Okt 2020

EURAUD is ranging for a long time on a daily chart.
this week the price reached an upper boundary of that range.

based on that the pair started to coil and formed a descending triangle formation with a sequence of lower highs.
It is a classic reversal pattern and I am waiting for a bearish breakout of its horizontal support to short (4h candle close below).

goals:
1.6416
1.6370

in case of a new higher high formation on hourly, the setup will be invalid