EUR/USD: 'Rising Wedge' pattern

EUR/USD: 'Rising Wedge' pattern


It's likely that we're going to have a 'Rising Wedge' pattern on EURUSD. So, we should keep an eye on the 89 Moving Average, which could act as support. If it happens, there'll be an opportunity to have an upward price movement towards the next resistance area at 1.2377 - 1.2395.


The pair is consolidating above the Moving Averages. The main intraday target is the nearest support at 1.2346 - 1.2335. A pullback from these levels could be a departure point for an upward price movement in the direction of another resistance at 1.2377 - 1.2399.



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