EURUSD Wedge Pattern

FX:EURUSD   Euro / U.S. Dollar
1123 18 5
EUR has formed an wedge against the Dollar on the time frames of the intraday.

If it breaks up through the resistance border, that should lead us to a 130 pips movement from the breaking point.

What will be the resistance which will Euro breake and go 130 pips high ?
Be aware for EUR breaking under the previous botton. If it does, the signal is canceled.
There is a Bullish engufing pattern also on the 4 hour time frame
rodrigosmart, also note that there is key support at this 1.29 figure (12-14th as well as the past few days). whole figures are usually key levels :)
I do have some reservations about too large of an upswing here. If eur/usd can't hold above this 1.29 figure it might drop down to 1.2750 which is 38% retracement of its upswing that started around the end of august
rodrigosmarts landofand
hey landofand, great comment...

EUR certainly must reach for the 2750 level for the 38.2% of the daily fib, which also matches the 61.8% of the smaller one, I agree.

I actually described it on my previous analysis and I surely prefer to buy it on that level...

I'm not optimistic on buying swings without a 38.2% minimum retrace, and you're right about this, but it's pretty clear for me we're getting some bullish movement for the moment, maybe not yearly highs, but yet highs.
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