EUR/USD has bounced up from the 100-hour MA, but the rising wedge breakdown is still valid.
The pair is currently trading around the 50-hour MA of 1.1321 and the 100-hour MA is seen at 1.1309.
Acceptance below the 100-hour Ma could invite more selling. Don’t forget we have already seen a rising wedge breakdown. The pattern indicates the corrective bounce from lows near 1.11 has ended.
So, the path of least resistance is to the downside, however, I would be a seller only if the pair drops below the 100-hour MA and the Ma tops out. Note it is still trending north.
On the higher side, key resistance is 1.1343. A break higher would validate the bullish setup seen on the daily and the 3-day chart and allow a rally to 1.14 and beyond.
The pair is currently trading around the 50-hour MA of 1.1321 and the 100-hour MA is seen at 1.1309.
Acceptance below the 100-hour Ma could invite more selling. Don’t forget we have already seen a rising wedge breakdown. The pattern indicates the corrective bounce from lows near 1.11 has ended.
So, the path of least resistance is to the downside, however, I would be a seller only if the pair drops below the 100-hour MA and the Ma tops out. Note it is still trending north.
On the higher side, key resistance is 1.1343. A break higher would validate the bullish setup seen on the daily and the 3-day chart and allow a rally to 1.14 and beyond.