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- EUR/USD Price Analysis: Intermediate hurdle probes bulls above 1.1000 inside rising wedge
EUR/USD Price Analysis: Intermediate hurdle probes bulls above 1.1000 inside rising wedge
- EUR/USD struggles to extend the previous day’s rebound from weekly bottom.
- Six-week-old descending trend line tests buyers inside a bearish chart pattern.
- 200-SMA adds to the upside filters, clear downside below 1.0980 become the key for bears.
EUR/USD fades the latest recovery moves around 1.1030 during Wednesday’s Asian session.
The major currency pair bounced off the support line of a 12-day-long rising wedge bearish chart pattern the previous day but a downward sloping resistance line from February 10 seems to challenge the bulls of late. Also important to note are the bearish MACD signals.
However, the pullback move needs to conquer the 1.0980 support with a clear move, unlike the latest ones, to confirm the rising wedge.
Following that, a theoretical slump towards the 1.0800 can be imagined. During the fall, the mid-March bottom surrounding 1.0900 will act as an intermediate halt.
Meanwhile, the aforementioned resistance line near 1.1065 restricts the EUR/USD pair’s immediate upside ahead of the stated wedge’s upper line, near 1.1145 by the press time.
Even so, the 200-SMA level of 1.1175 will challenge the pair’s advances before welcoming the bulls.
EUR/USD: Four-hour chart
Trend: Further weakness expected
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