After reaching the maximums at 1.32 last Tuesday and Wednesday, the EUR/USD pair fell into a side trend closed between 1.32 and 1.30 (green area). Technically, the pair is now under the influence of the rising wedge created on Thursday and Friday (red lines). A short-term sell signal was generated yesterday, when bulls managed to use the lower line of the wedge as a support for the downswing.
EUR/USD" title="EUR/USD" width="622" height="266">
The closest minor support is the 38.2 Fibonacci line that helped traders to set yesterday’s minimums. The scenario stays neutral; position and swing traders should wait for a major mid-term signal to open a position in this market. Breaking 1.30 should be viewed as a sell signal and breaking 1.32 should be viewed as a long-term buy signal. Fundamentally, there is no strong reason that this pair should be traded above 1.32, so chances for a downswing are slightly higher.
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Side Trend On EUR/USD
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