EUR/USD 1H Chart: Broadening Rising Wedge

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
After a sharp decline on the 3rd of October, EUR/USD found a support at the major level at 1.25. Since then the pair has formed a broadening rising wedge pattern.
At the moment, the currency pair is trading around the lower boundary of the pattern. If the lower trend-line will hold the pair's bears back then a repeated test of the 1.28 level is possible. However, there are certainly down-side risks. The hourly and daily technical studies are pointing downwards, therefore increasing the bearish risks. At the same time the traders' sentiment is more or less neutral with 53.29% of them expecting a rebound. For bullish traders the monthly PP and weekly R2 is the target.
© Dukascopy Bank SA
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