EURAUD has confirmed a bullish breakout from a falling wedge chart pattern on the 4-hour timeframe, signalling a potential shift in short-term market sentiment. The breakout suggests that bearish momentum is fading, while buyers are beginning to regain control.
Following the pattern completion, price action is expected to continue higher in the near term, supported by the bullish structure created by the breakout. As long as the pair remains above the wedge resistance-turned-support, the upside bias remains intact.
The next key objective for buyers is the resistance zone between 1.6400 and 1.6450, which represents a significant area where profit-taking and fresh selling interest could emerge. A sustained move above this zone would further strengthen the bullish outlook and open the door for additional gains.
Outlook: Short-term bullish, targeting 1.6400 – 1.6450 resistance.
Author of the bestseller 'Start Trading Smart' | Founder - Tradewisenet Academy Pvt. Ltd.| Tradewisenet.com
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Author of the bestseller 'Start Trading Smart' | Founder - Tradewisenet Academy Pvt. Ltd.| Tradewisenet.com
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.