TradingView Idea for EUR/AUD (4H Chart)

Market Overview:
The EUR/AUD 4-hour chart displays a downtrend followed by a consolidation phase at a critical support zone. The price is currently reacting within a demand area, indicating a potential bullish reversal.

Key Levels:
Support Zone: ~1.7050 - 1.7100 (Highlighted in dark grey)
Resistance Zone: ~1.7200 (Short-term)
Target Level: ~1.74217
Potential Trade Scenarios:
Bullish Scenario: If the price holds above the support zone, we could see a rebound towards 1.7200, with further continuation towards the 1.74217 target.
Retest and Breakout: A slight pullback into the support zone, followed by a breakout above 1.7200, could confirm a strong buying momentum.
Bearish Risk: A failure to hold above support may lead to further downside continuation.
Trade Plan:
Entry: Look for bullish confirmation in the demand zone.
Stop Loss: Below the support zone (~1.7050).
Take Profit: First at 1.7200, then 1.74217 for an extended move.
Bias: Bullish if support holds, bearish if price breaks below.