EUR/USD: "Rising Wedge"

EUR/USD: "Rising Wedge"

12-6-2017-EUR-H4.png

We've got a "Rising Wedge", so the price formed a pullback from the 55 Moving Average, which led to the current consolidation under the 34 Moving Average. Therefore, the pair is likely going to test the nearest resistance at 1.1249 - 1.1267 in the short term. If we see a pullback from this area, there'll be an opportunity to have another decline in the direction of the next support at 1.1204 - 1.1165.

12-6-2017-EUR-H1.png

There's a "Double Bottom", so the price is consolidating under the 34 Moving Average. It seems like bears are going to achieve the closest support at 1.1204 - 1.1194, which could be a departure point for an upward price movement towards the nearest resistance at 1.1249 - 1.1267.

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