EURUSD: Price wedge widening, what is the next trend?
Dear readers, EUR/USD has once again dropped to a low of 1.0850 as the currency pair continues to fluctuate within familiar levels this week. The downward price trend has pushed the Euro lower against the US Dollar following the ECB's decision to maintain interest rates and better-than-expected US GDP data.
On the 4-hour chart, the currency pair is trading near the lower end of an ongoing consolidation process around the 1.0890 level, indicating a period of consolidation. Support is seen at 1.080. On the other hand, upward price movements may attempt to reach the 1.090 level, but prices could decline further from this area as it completes a test of the EMA 34, 89.
On the 4-hour chart, the currency pair is trading near the lower end of an ongoing consolidation process around the 1.0890 level, indicating a period of consolidation. Support is seen at 1.080. On the other hand, upward price movements may attempt to reach the 1.090 level, but prices could decline further from this area as it completes a test of the EMA 34, 89.
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