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EUR/USD is continuing its recovery and has formed a Rising Wedge pattern on the 30M chart. The pattern has 86% quality and 84% magnitude in the 84-bar period.
The pattern started when the pair bounced from 1.2569 and after testing resistance levels at 1.2730 and 1.2742 it has slowed down at 1.268 where the pair is currently trading. Technical indicators on aggregate do not suggest any clear emerging trends in 30M, 1H and 4H time horizons. However, the MACD points at a bull market outbreak on 30M time horizon. Long traders could focus on the daily resistance level at 1.2687. If this level is breached, next targets could be at 1.2707, 1.2732 and at a pattern high at 1.2742.
The Stochastic indicator points at a bearish market outbreak at 30M horizon. The current market sentiment is around 55/45 in favor for the bears as well. Short traders could focus on the support level at 1.2666. If the pair breaches this level, next possible targets could be at 1.2659 and at SMA200 at around 1.2652.
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