EUR/USD: broken upward "Wedge"

EUR/USD: broken upward "Wedge"


There's a "V-Top" pattern, so the price reached the nearest support at 1.1772. In this case, the market is likely going to continue declining towards the next support at 1.1739 - 1.1714. If a pullback from this area happens, we could have an upward correction in the direction of the closest resistance at 1.1772 - 1.1793.


We've got an upward "Wedge", which has been broken, so the price is declining. Therefore, we should keep an eye on the nearest support at 1.1739 - 1.1714 as an intraday target. However, we have a pullback from these levels, there'll be an opportunity to see a bullish price movement towards the closest resistance at 1.1772 - 1.1793.




Morning brief for May 30

 Growing concerns over Greek bailout, early elections in Italy and comments by the ECB President Mario Draghi about the need to maintain the bank’s extraordinary amount of monetary policy support…

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