EUR/USD:
The market has formed what is called a bearish engulfing candlestick. This occurred just below the top of an increasing wedge pattern. There is resistance at 1.2589. Break could test 1.2747 and then 1.2842. A move below 1.2465 might lead to some consolidation. There is also support at the trendline at 1.2359.
DISCLOSURE and DISCLAIMER: THE ABOVE IS FOR INFORMATIONAL PURPOSES ONLY AND NOT TO BE CONSTRUED AS SPECIFIC TRADING ADVICE. RESPONSIBILITY FOR TRADE DECISIONS IS SOLELY WITH THE READER.
Disclosure: Ava Capital Markets Ltd (“AVAFX”) is regulated by the Central Bank of Ireland.