EUR/USD Picking Up Its Strength

The EUR/USD has broken its upward wedge pattern on a 4 hour time frame. The price has completed its projection and the minor resistance (mentioned below) became the headwind for any further upside move. The price is trading close to its 20 day moving average and within the Bollinger band and this confirms that the volatility for the pair is low. However, it is important to emphasize that the pair is till above its upward trend line, shown in yellow. This confirms that the bias is still towards the upside as long as we are staying above this trend line.

The RSI has bounced back up from its oversold region and it is trading in line with the price action and this confirms that the bias remains towards the upside.

EUR/USD

Important Zones

1.1058-1.1006 minor Support

1.1795-1.1726 Minor Resistance zone

1.1978-1.1918 Major resistance zone

DISCLOSURE & 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.

by Naeem Aslam

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