EUR/USD 4H Chart: Rising Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
In a longer-term the most traded currency pair is trading between two Fibonacci retracements– at 1.3894 and 1.3456. In a shorter-term, however, the pair is moving in boundaries of a rising wedge pattern that was formed on January 24. The pair will affected by vital fundamental data from the United States and Europe this week, while traders believe the pair is overbought, hence, opening short positions. While 58% of opened positions are short, 62% of pending orders in a 100-pip range are placed to sell the Euro against the U.S. Dollar, therefore, the outlook is bearish. In case 1.3709 is breached, pattern's support and a daily S2 at 1.3688 will be put on the map.
© Dukascopy Bank SA
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