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Forex News

Flashing red for fourth day, falling wedge seen on 4H

  • EUR/USD printed a low of 1.0903 on Wednesday and remains in the red at press time. 
  • The 4-hour chart shows a falling wedge pattern, a bullish reversal setup. 

EUR/USD is trading near 1.0945 at press time, representing a 0.15% drop on the day, having registered losses in the previous three trading days. 

The pair’s bounce from the March 23 low of 1.0778 ran out of steam near 1.1150 last Friday. The single currency printed a low of 1.0903 on Wednesday, erasing nearly 50 percent from the bounce from 1.0778 to 1.1150.

More importantly, the pullback from 1.1150 has taken the shape of a falling wedge – a bullish reversal pattern – on the 4-hour chart. 

A convincing move through the top end of the wedge, currently at 1.0990, would imply an end of the pullback and a continuation of the ascent from 1.0778. The breakout would open the doors for a re-test of 1.1150. 

4-hour chart

Trend: Bullish above 1.0990

Technical levels

 

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