EUR/USD 4H Chart: Rising Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
EUR/USD has been vacillating between two gradually converging, upward-sloping lines since June 16. The magnitude of fluctuations was large, with pair tumbling to 1.2757 on July 9 and soaring to almost a nine-month high of 1.3589 on October 1.
Currently, market players bet on appreciation of the single currency against its U.S. counterpart, buying the pair in 53.61% of cases. To make the traders' outlook to come true, the pair has to breach a resistance region at 1.3527/43 (four-hour R1, R3, R3; daily PP) that if overcome will trigger a rally towards the daily resistance sitting at 1.3568 that is regarded as the last hindrance for more than a nine-month high.
© Dukascopy Bank SA
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