EUR/USD Formed Symmetrical Triangle on Daily Chart

The consolidation phase, which the EUR/USD currency pair has entered following a rapid downtrend in April, lasts for quite a long time now. Its apparent symmetrical triangle form promises an interesting opportunity for shorting EUR/USD once the downside breakout occurs.
You can see the sides of the triangle marked with the yellow lines. The potential entry level is at the cyan line, which is placed at 10% of the triangle’s base width below the lower border. The take-profit level can be placed to the green line, which is positioned at 100% of the triangle’s width below the lower border. I will set my stop-loss to the high of the breakout candle here. If that candle trades mostly outside the triangle, I will set my stop-loss to the high of the preceding candle. I will ignore bullish breakouts from this triangle as it is a continuation pattern that follows a downtrend. You can click on the chart to get its larger version:

I have built this chart using the ChannelPattern script. You can download my MetaTrader 4 chart template for this EUR/USD pattern. You can trade it using my free Chart Pattern Helper EA.
If you have any questions or comments regarding this symmetrical triangle on the EUR/USD chart, please feel free to submit them via the form below.

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