EurAud could rise 400 pips

Recently, EURAUD breached the 1.63 support level. However, after reaching a low of 1.6220, the pair swiftly reversed, indicating a false breakout.

Over the past three weeks, the pair has formed a falling wedge pattern, hinting at a potential reversal to the upside. Confirmation of a bullish scenario would come with a break above the descending trend line. In the medium term, EURAUD could ascend and retest the recent high at 1.6680.

I maintain a bullish stance on this pair as long as the recent low remains unbroken.