EURAUD: Potential Short Opportunity (Trading Plan)
🔻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).
in case of a new higher high formation on hourly, the setup will be invalid