EURUSD eases after falling wedge bullish pattern confirmation
Although risk-off mood probe EURUSD buyers, a clear break of the short-term falling wedge resistance keep them hopeful ahead of the ECB Minutes and Jackson Hole Symposium speeches. It’s worth noting that bullish MACD signals and firmer RSI adds strength to the upside momentum that initially aims 200-SMA level surrounding 1.1785–90. Following that, the mid-August high around 1.1805 and 1.1830 may challenge the optimists before directing them to the monthly peak of 1.1908.
Alternatively, multiple supports around 1.1725 can entertain short-term sellers during the pullback moves. However, the further downside will be challenged by the previous resistance line near 1.1690. Should EURUSD bears keep reins below 1.1690, the monthly low of 1.1665 will act as a buffer during the fall to the November 2020 lows surrounding 1.1600. overall, sour sentiment probes the pair’s rebound ahead of crucial events.
Alternatively, multiple supports around 1.1725 can entertain short-term sellers during the pullback moves. However, the further downside will be challenged by the previous resistance line near 1.1690. Should EURUSD bears keep reins below 1.1690, the monthly low of 1.1665 will act as a buffer during the fall to the November 2020 lows surrounding 1.1600. overall, sour sentiment probes the pair’s rebound ahead of crucial events.