EUR/NZD breaks out from falling wedge pattern

In the H1 timeframe, EUR/NZD just broke out from the falling wedge pattern. It is likely to rally up to test the axis line as the resistance at 1.774. The possible upside based on the falling wedge pattern could pose a potential trade setup. The detail explanation of how to trade the failing wedge with high winning rate is outlined in the video below (timestamp starts 7:10) using S&P 500 futures as a case study.

Below are the key parameters for EUR/NZD potential long setup for trading session on 5 Oct 2020, with a potential reward to risk ratio of 1.

Entry: long stop order at 1.7702

Stop loss: 1.7661

Take profit: 1.7741

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