EUR/USD 1H Chart: Falling Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
July was the month of a notable weakness of the most popular currency couple that now is trading inside a gradually converging downward sloping channel. In fact, we examined a bearish tunnel shaped by EUR/USD a day earlier but today we will focus on a slightly different formation – falling wedge.
EUR/USD has recently touched a one-year low of 1.3404 and now is not in hurry to rebound from this low. However, the SWFX data suggests the pair has not lost its favour among traders – long positions on the SWFX slightly outweigh the short ones.
© Dukascopy Bank SA
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