EUR/USD 4H Chart: Falling Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
After a failure to get a foothold above a critical resistance level of 1.15 dollars two weeks ago, the Euro is now trending lower. However, considering the pattern the pair is now forming, the bears are unlikely to remain in control for long. The falling wedge emerging in the four-hour chart of EUR/USD implies a rally, once the price closes above the upper boundary of the figure. The possibility of a rebound is further increased by the fact that the pair is approaching a six-month up-trend, which should not let the exchange rate fall below 1.1080. Meanwhile, the SWFX traders cannot reach a consensus regarding Euro's prospects, being that 47% of open positions are long and 53% are short.
© Dukascopy Bank SA
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