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EUR/USD Continues Its Movement Inside Bearish Rising Wedge

ByAdmirals
Published 01/09/2013, 06:09 AM
Updated 01/31/2022, 02:45 AM
EUR/USD
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RED
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STAR
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CTPC
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EUR/USD is still caught between two lines forming a mid-term rising wedge (red lines). We mentioned this formation yesterday and on Tuesday, sellers really took advantage of this formation and its upper resistance, just below 50% Fibonacci retracement. That was the point where the downswing really started.

Buyers spent all morning trying to break the 1.3130 level but all attempts were unsuccessful. A crucial moment for EUR/USD is marked with a white rectangle. The first 15 minutes candle represents the last failed attack on 1.3130 and forms a shooting star. The second one is a hangman, bearish candle indicating troubles with the upper movement and the last one is a long red candle indicating sellers’ advantage. A combination of those three candles forced technical traders to sell EUR and allowed them to break two major supports on 1.3105 and 1.3090 which are now the most current resistances.
<span class=EUR/USD" title="EUR/USD" width="609" height="334">
Wednesday started with a rectangle closed between 1.3065 and 1.3090 and those will be the closest S/R levels at the start of the European session. The price is getting closer to the rising wedge’s lower line (red) and traders should watch that line very carefully as breaking it can cause a major downfall to the 1.30 level. Buy signals will be generated once bulls will break the blue line connecting recent tops which should correlate with the 1.3105 resistance.

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