The ascending wedge is a bearish pattern. The currency pair is not ready to continue its growth, facing pressure from resistance. The bullish trend may enter a correction phase.
The currency pair breaks the wedge support, forming a local minimum of 1.6262, which is a support zone, the breakout of which will provoke a further decline. The reaction is weak, and the price returns to support for a retest, which only increases the chances of a further decline.
A close below 1.6262 will confirm the trend reversal
The currency pair breaks the wedge support, forming a local minimum of 1.6262, which is a support zone, the breakout of which will provoke a further decline. The reaction is weak, and the price returns to support for a retest, which only increases the chances of a further decline.
A close below 1.6262 will confirm the trend reversal
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❤️ Telegram channel: t.me/AndeWave
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.