MTrading_Global

"Rising-Wedge" Resistance Limits EURUSD Up-move

FX:EURUSD   Euro Fx/U.S. Dollar
Even if the EURUSD             maintains its upscale near 1. 1400             mark, resistance line of short-term “Rising-Wedge” bearish technical formation on H4 chart, near 1.1425-30 presently, could limit the pair’s immediate advance.

The formation, however, isn’t complete unless the pair decisively break below the lower ascending trend-line support, currently near 1.1370-65 region. A decisive break below 1.1365 support area now seems to drag the pair immediately towards 1.1250 intermediate support before making a dart towards its next important support near 1.1200 mark.

Meanwhile, a clear break of 1.1425 can quickly fuel the pair towards 1.1450-60 strong horizontal resistance, prior to targeting 1.1600 region.
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