EUR/USD 4H Chart: Rising Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Since June single currency has been appreciating versus the greenback and formed a strong uptrend movement. However, after touching an eight-month high of 1.364, the pair inched lower and currently is trading at 1.353. The nomination of Janet Yellen as the next Fed chairman will push the United States Dollar higher, however weaker-than-expected number of jobless claims as well as continuous government shutdown will weigh on the greenback's performance. In case of the continuation of the uptrend movement, it seems unlikely the pair inches above 1.3650, as it is a very strong resistance level, represented by an 8-month high, pattern's resistance.
© Dukascopy Bank SA
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Fri, 11 Oct 2013 06:54:33 GMT

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