EUR/USD 4H Chart: Falling Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The common European currency has been trading in a falling wedge pattern against the Greenback, as the currency exchange rate has reached a support line of a larger pattern. On a large scale the currency pair is in a triangle pattern. Most recently the Euro bounced off a support cluster, which is represented by the pattern's lower trend line combined with the 61.80% Fibonacci retracement from the 2016 high level and the 2015 December low. Afterwards the rate reached the short term pattern's upper trend line, and began to fluctuate just below it. Due to that it is still a situation which needs to be monitored, as a breakout from the triangle or the wedge is about to occur.
© Dukascopy Bank SA
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