Thu, Aug 11, 2022 @ 20:08 GMT
HomeContributorsTechnical AnalysisEUR/USD Broke Upper Wedge Line

EUR/USD Broke Upper Wedge Line

On Wednesday, the EUR/USD currency pair raised to the upper boundary of the rising wedge pattern. During today’s morning, the pair broke the upper channel line.

From the one hand, it is likely that some upside potential could prevail in the market, and the exchange rate could target the weekly R1 located at 1.1080.

However, note that the rate would have to surpass the monthly PP at 1.0968. If the given resistance holds, it is likely that a reversal south could occur and the pair could test the monthly S1 at 1.0840.

Dukascopy Swiss FX Group
Dukascopy Swiss FX Group
This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.

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