BluetonaFX - EURUSD Falling Wedge Looking For Potential Break
Hi Traders!
EURUSD is currently in a falling wedge and is awaiting a break of the new range zone.
There have been price rejections to both the upside and downside, which we have highlighted on the chart. Falling wedge patterns are commonly known as reversal patterns; however, there is a lack of bullish momentum here, and the failure to continue above our EMA confirms this.
The levels to watch out for are 1.07658 on the downside, as this is where we had the price rejection to the downside. If we get a break at this level, continuation towards 1.07000 looks likely.
To the upside, the level to watch out for is 1.08384; this is the high of the price rejection candle and the resistance line of the wedge. However, we need bullish momentum if there is to be a possible move to the upside.
We would love to hear your thoughts on this in the comments section. Please also do not forget to press the like button and follow for more updates.
Thank you for your support.
BluetonaFX
EURUSD is currently in a falling wedge and is awaiting a break of the new range zone.
There have been price rejections to both the upside and downside, which we have highlighted on the chart. Falling wedge patterns are commonly known as reversal patterns; however, there is a lack of bullish momentum here, and the failure to continue above our EMA confirms this.
The levels to watch out for are 1.07658 on the downside, as this is where we had the price rejection to the downside. If we get a break at this level, continuation towards 1.07000 looks likely.
To the upside, the level to watch out for is 1.08384; this is the high of the price rejection candle and the resistance line of the wedge. However, we need bullish momentum if there is to be a possible move to the upside.
We would love to hear your thoughts on this in the comments section. Please also do not forget to press the like button and follow for more updates.
Thank you for your support.
BluetonaFX
Comment:
A break above 1.08384 led to break and close above resistance line.