EUR/USD 1H Chart: Falling Wedge

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The selling pressure that has dragged the pair considerably lower compared to a period few weeks ago has also helped to form a falling wedge pattern.
The EUR/USD cross is hovering around the lower trend-line of the pattern; moreover, it has dipped below the 1.23 mark. To our mind the Euro is likely to extend its underperformance relative to the US Dollar, with the overall bearish bias and also the 4H technical studies that are largely bearish. At the same time the SWFX traders' have not decided which side of the pair to take, as 53.45% of them have opened long positions, while 46.55% of them believe that the Euro is still too expensive.
© Dukascopy Bank SA
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