I am looking at EURAUD currently and can see we have broken below the narrowing range, formed a double bottom and started to make its way back into the range.
This is a very common occurrence with AUD right now. I am now looking for price to come back into the range at point 1, then break through the range at point 2 with a longer term target at point 3.
So, if we get a break above point 2 around 1.4900 then I will look for a longer term trade to around 1.6500