**EUR/AUD Falling Wedge Pattern – Trade Setup**
https://www.tradingview.com/x/BADZNtiY/
**Pattern:** Falling Wedge (Bullish Reversal)
A falling wedge typically signals a potential breakout to the upside. If price breaks above resistance with strong momentum, a bullish rally is expected.
**Trade Details:**
**Entry Point:** 1.71300 (Breakout confirmation above resistance)
**Target:** 1.74100 (Projected move based on wedge height)
**Stop-Loss (SL):** 1.70700 (Placed below recent support for risk management)
**Indicator Used:** **EMA 50** (Price above EMA 50 strengthens bullish confirmation)
**Technical Outlook:**
1. **Breakout Confirmation:** Price should break above the wedge resistance with strong volume.
2. **EMA 50 Support:** If price stays above the EMA 50, it adds confluence for an upward move.
3. **Risk-Reward Ratio:** ~1:4 (Good potential reward relative to risk).
**Market Factors to Consider:**
**Fundamentals:** Keep an eye on economic news affecting EUR & AUD, such as interest rate decisions, inflation data, and employment reports.
**Market Sentiment:** Any risk-on or risk-off sentiment shifts could influence price movement.
**USD Correlation:** EUR and AUD react to global risk trends; any USD strength could impact the pair.