EURUSD still within wedge despite market open gap down
The market opened much lower on the Greeks voting no in taking the austerity package in exchange for bail out funds needed to keep the banks running.
If we take a look at the 4-Hour time frame, we can see this wedge pattern form. I tend to remain direction neutral in terms of the direction of the breakout. As of right now, you can see that there have been multiple tests or touches on the ascending trend line or lower wedge boundary. Despite the technical terms, the EURUSD pair is still moving as expected. As it plays off the lower boundary, I would look to go long with a stop loss just below in case price breaks lower.
If we take a look at the 4-Hour time frame, we can see this wedge pattern form. I tend to remain direction neutral in terms of the direction of the breakout. As of right now, you can see that there have been multiple tests or touches on the ascending trend line or lower wedge boundary. Despite the technical terms, the EURUSD pair is still moving as expected. As it plays off the lower boundary, I would look to go long with a stop loss just below in case price breaks lower.