After two weeks of constant rise on the EUR/USD pair, bears managed to take over control and stopped the appreciation at 1.32. The upswing was reversed by the double top formation that led to the major downswing that allowed sellers to create new short-term lows at 1.30.On Thursday and Friday, traders were just correcting recent movements by creating a rising wedge formation (red lines). Wedges usually result in a trend continuation, so we can assume that the price will more likely fall, as it did before the wedge.
EUR/USD" title="EUR/USD" width="621" height="346">
The new week started with a small bullish gap that was quickly covered by sellers. The European session started with a small bearish movement that is technically justified by the rising wedge formation mentioned above.
The closest supports are the 38.2 Fibonacci level and 1.30. The closest resistances are the lower line of the wedge and 1.32.
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EUR/USD Finishes Its Rally Up
Published 04/22/2013, 08:27 AM
Updated 01/31/2022, 02:45 AM
EUR/USD Finishes Its Rally Up
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