EUR/USD 1H Chart: Broadening Rising Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The common European currency continues to outperform its peer from the United States for a third consecutive week. Alongside, the trading range of the pair has been widening since April 28, meaning that we are currently dealing with the broadening rising wedge. The Euro has just recently bounced off the lower boundary of the pattern, and is looking for growth opportunities at the moment. There are several signs that the recovery will take place at least in the next 24 hours. Active support is coming from strongly bullish daily technical studies and weekly PP at 1.1220. In the meantime, the bears are holding a majority of all opened positions, namely 56% against 44% for bulls.
© Dukascopy Bank SA
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