EUR/USD 1H Chart: Falling Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The 18-nation currency has dropped below the 1.23 mark against the Greenback once again, after the pair rebounded above 1.25 at the middle of December. Moreover, the decline has pushed the pair into a falling wedge pattern.
Currently, the pair is challenging the monthly S2 at 1.2230, this level has not been breached since 2012. Nonetheless, with a help of the bearish 1H and 4H technical indicators the EUR/USD cross could fall even closer or slightly below the 1.22 level. At the same time, the SWFX market participants are not entirely sure where the pair is going, since 54% of them are bullish, indicating that the sentiment is neutral.
© Dukascopy Bank SA
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