The EUR/USD continues to trade sideways and has created a falling wedge pattern on the hourlies.
Looking at the hourly chart, traders may notice a falling wedge pattern developing. Typically a falling wedge will break to the upside (though this direction runs contrary to the current trend on the daily chart).
Supports are found at 1.3050 as well as the bottom of the recent consolidation in the pair at 1.2970.
Short term resistance levels are located at 1.3280 as well as 1.3400 and 1.3440.
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Russell Glaser is a Currency Analyst with ForexYard. Russell provides analysis in the FX spot market by employing fundamental research methodologies. In addition to currencies, Russell closely follows the correlation between the Commodities market and the movement of equities. His writings have been published on the ForexYard Trading Blog and associated partner sites. Prior to joining Forexyard, Russell Glaser served as a management consultant in the financial services industry, advising Fortune 100 companies. Russell holds a degree in finance from the Fisher College of Business at The Ohio State University.
EUR/USD is approaching the resistance level now. What’s your thought on this now? Long or short? Will EUR/USD break the resistance and trade higher?