EURUSD only

1. Pair is trading around 1.1713.
2. Strong bullish move from the 1.1620 low (27 Aug) to current level.
3. Price is now moving within a rising wedge (bearish pattern), highlighted by converging upward trendlines.

2. Key Support & Resistance

1. Immediate resistance: 1.1719 – 1.1725 (upper wedge + previous rejection zone).
2. Next resistance: 1.1740 – 1.1750 (strong supply area from 22 Aug spike).
3. Immediate support: 1.1690 – 1.1680 (lower wedge).
4. Next support: 1.1660 – 1.1650 (swing lows 26–27 Aug).

3. Patterns & Trendlines

1. Rising wedge usually signals a potential bearish reversal.
2. Earlier, market formed a V-shape recovery from 1.1620 to 1.1710.
3. Previous breakdown (22–25 Aug) came after touching the same resistance zone.

4. Momentum & Sentiment

1. Strong bullish candles recently, but slowing momentum near resistance.
2. Sellers defended 1.1725–1.1740 twice before → risk of rejection again.
3. If wedge breaks down, likely retracement to 1.1660 / 1.1620.

Trading Outlook (H1):

1. Bullish scenario: Break & close above 1.1740, opens path to 1.1770 / 1.1800.
2. Bearish scenario (preferred due to wedge): Rejection at 1.1720–1.1740, breakdown below 1.1680 may trigger drop to 1.1650 / 1.1620.

Long Setup (Bullish Breakout Play)

1. Entry: Above 1.1745 (after clear breakout & candle close above resistance).
2. Stop Loss (SL): 1.1710 (below breakout point / wedge top).
3. Targets (TP):
   1. TP1 → 1.1770 (short-term resistance).
   2. TP2 → 1.1800 (psychological round level).
   3. TP3 → 1.1830 (extension if momentum continues).

Condition: Only valid if strong bullish candle breaks and holds above 1.1740–1.1750 zone.
Short Setup (Bearish Rejection / Wedge Breakdown)

1. Entry: Near 1.1720–1.1740 (if rejection confirmed with bearish candle), or on breakdown below 1.1680.
2. Stop Loss (SL):
   1. If selling rejection → 1.1755 (above resistance).
   2. If selling breakdown → 1.1710 (above wedge retest).

3. Targets (TP):
   1. TP1 → 1.1660 (local support).
   2. TP2 → 1.1625 (previous low 27 Aug).
   3. TP3 → 1.1600 (psychological support).

Condition: Watch for bearish confirmation candle (e.g., strong engulfing or pin bar).
Strategy Note

1. Current pattern is a rising wedge, so probability slightly favors shorts unless bulls smash through 1.1740–1.1750.
2. Best approach: Wait for confirmation → breakout for longs / rejection or breakdown for shorts.