EUR/USD 1H Chart: Falling Wedge

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
A jump to a two-year high of 1.3966 seems to have exhausted the potential of the most traded currency pair. After a rise to this high, EUR/USD entered a bearish formation, falling wedge, that despite having average quality has high magnitude and is over 300-bar long.
Currently, the pair is locked between 50-and 200-hour SMAs, with the 200-hour SMA at 1.3785 restricting the up-trend and the 50-hour SMA at 1.3760 acting as a strong support zone. In the hours to come, the pair is likely to move closer to the long-term SMA as almost two thirds of market players at the SWFX are bullish on the pair.
© Dukascopy Bank SA
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