The EUR/USD exchange rate has reached the highest level since the beginning of the year and moved above 1,22 USD. However, the whole upward structure looks like a potential rising wedge pattern where the two lines could potentially set the nearest resistance and support levels. If the line drawn through the bottoms is broken we may expect a stronger dollar with a potential target at the bottom of the wedge at 1,1981.
What is more, the possible resistance could be also set by the previous top at 1,2350 and then the potential double top pattern may occur.
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Daniel Kostecki, Chief Analyst Conotoxia Ltd.
Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.
77.46% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
What is more, the possible resistance could be also set by the previous top at 1,2350 and then the potential double top pattern may occur.
__________
Daniel Kostecki, Chief Analyst Conotoxia Ltd.
Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.
77.46% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.