EUR/USD 4H Chart: Broadening Falling Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
EUR/USD started to form a Broadening Falling Wedge pattern on 13th of August, when the pair reached the 1.34 mark. According to the daily and weekly technical studies the decline will continue, as most of the indicators are bearish. The next target level is around the 1.31 mark, from where the pair should reverse some of the losses. Nonetheless, the pair's sentiment is bullish, with 64% of the traders being long. Thus, a move above 1.32 level could encourage the pair's bulls to push the price higher. However, in case EUR/USD slides below the monthly S2 then most likely the bottom trend-line will be reached.
© Dukascopy Bank SA
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