© Dukascopy Bank SA
Pair has demonstrated mildly bullish sentiment since the 19th of August. Prior to that it depreciated by almost 100 pips in the course of one hour. Overall loses then, up to the recovery accumulated to 140 pips. Pair has recovered all of them since them. At the moment it is developing inside the Rising Wedge pattern—it is narrowing it's trading range by 20 pips in the course of 50 bars. Pair seems to be moving from touch points rather well as volatile moments seems to be cancelling each other out well. Medium and long term technicals suggest that we could expect a bearish breakout in the nearest future. This seems very realistic as pair is failing to pick up after it hit pattern's support.
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