EURAUD! Is This A sell Signal?

This currency pairs has been in an uptrend since April 2022. On a monthly time frame, we can see that this currency pairs in a symmetrical Triangle. On this monthly time frame too we can see that this triangle is filled too. Again, we can see that there is a slight breakout to the downside. Should we assume that we have resumed a downtrend

On a weekly Time Frame, we can see that this currency pair is positively in correlation with the monthly time frame. The movement of this currency and the downward break-out is exactly in accordance with the monthly. In this scenario, I will just wait till I see that there is a clear trend change before taking a position.

On a daily time Frame, which is expectedly supposed to show the real entry point. We can see that this part of the Triangle did not fill up before the change in direction. To be Taking a side that we have a continuation of the uptrend or a change in direction to the downside at this moment is very risky.

The break out to the downside shows that we should expect the space in the symmetrical triangle to fill. At this moment I will first wait for the movement to retest the trend line before I take a position

Note: Trading is risky, only trade with the money you can afford to lose

This is just my personal analysis and not a financial advice.

Posted Using InLeo Alpha