EUR/USD Under Pressure, Wedge Signals More Weakness

Looking at the EUR/USD 4-hour chart, I see the pair forming a falling wedge pattern, signaling a possible continuation of the downtrend. With both the 34 and 89 EMAs above the price and sloping down, this suggests that selling pressure is still dominant.

In the short term, a key support level could be found around 1.0500. If EUR/USD breaks this support level, it is likely to continue falling further, aiming for further targets in the 1.0400 area. Conversely, if there is a bounce from the bottom of the wedge, the pair could retest the resistance at the top of the wedge pattern.
buyChart PatternsEURUSDForexTechnical IndicatorsSELLsignalstradingTrend Analysis

Join my team to get free signal XAUUSD trades with up to 85% winning rate!

Every day, you will receive 5-7 high quality signals, helping you earn a lot of money

Click here to join the group: t.me/+2RkvhgfeFlkzZDZl
Also on:

Related publications

Disclaimer