© Dukascopy Bank SA
It seems that pair is undergoing minor bullish correction after depreciating for quite some time (since October, 2012, in the long term perspective and since mid of June, 2013, in the short term perspective). Significant role in the pattern's is played by the Fibonacci retracements of the mentioned sell off from the mid till the end of June. The main point of the Wedge type of pattern's is that trading volume is decreasing in the length of the pattern and we can see a significant move in the later stages of the pattern. This can be also observed in the pattern at hand. In addition, currently the pair is trading on the pattern boundaries which could lead to a breakout.
© Dukascopy Bank SA