EURAUD Falling wedge Idea

🧠 Technical Overview:
The chart shows EURAUD trading within a falling wedge pattern — a classic bullish reversal formation.

Price has respected the wedge boundaries multiple times, indicating strong technical structure.

There is also a highlighted demand zone (marked in yellow) around 1.76500–1.77000, which has acted as previous support and resistance.

🔎 Key Elements:
✅ Falling Wedge Pattern
Bullish pattern, suggesting a potential breakout to the upside.

Price is near the bottom of the wedge, making it a good risk-reward zone for a long (buy) position.

A breakout above the wedge resistance would confirm bullish sentiment.

🟨 Horizontal Resistance Zone: 1.7650–1.7700
This zone has acted as a key resistance in the past.

If price breaks out of the wedge, this is the logical target area.

Traders may consider taking partial profits here or watching for rejection signals.

📈 Trading Plan (Example Idea):
Entry (Buy):
Consider buying near the lower wedge support, ideally with a bullish candlestick pattern.

More conservative entry: wait for a break and close above the wedge resistance.

Target:
First target: 1.7650–1.7700 (yellow zone)

Second target (if momentum is strong): possible continuation toward 1.7850+

Stop Loss:
Below the most recent swing low, ideally under 1.7200 for a safe buffer

⚠️ Risk Considerations:
A breakdown below the wedge invalidates the bullish idea.

Watch for AUD strength due to upcoming Australian data or China-related sentiment.

Don’t trade without confirmation (e.g., bullish engulfing candle, volume spike, etc.)

📌 Summary:
Pattern: Falling Wedge (Bullish)

Bias: Bullish – potential breakout and move toward 1.7700

Key Levels:

Support: 1.7200

Resistance: 1.7700

Action: Wait for wedge breakout confirmation or buy near lower boundary with tight stop.