Wedge Shape Suggests That Dollar Can be Moving Into A Support
EURUSD is slow for the last week or so, but can still be bullish here for a push to a new high if we consider the shape of an ending diagonal. That's a reversal pattern, so still, we think that the upside can be limited sooner or later, and than a higher degree trend is in the late stages of recovery. Resistance is at 1.1. Drop below 1.0750 would be an early indication that a reversal is already happening.
We also see some wedge patterns on other majors, so dollar rally is something we have to consider.
On the date of publication, Gregor Horvat did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.