• Falling Wedge Seen In The EURUSD

    Falling Wedge Seen In The EURUSD

    The EURUSD surged to a high of 1.3200 from 1.2800 yesterday on the back of ‘dovish’ comments by the US Federal Reserve Ben Bernanke. Since then, the fiber has corrected back to towards the 1.3000 level. In the process, the pair appears to have formed a falling wedge pattern. In our opinion, the pair may still head lower and touch its support at 1.3000 before bouncing back. Nonetheless, a breakout from the pattern may send it back up near its high at 1.3175. An oversold condition seen in its stochastics also points to a possible rebound soon. On the flip side, a break below 1.3000 may send it down to 1.2925 or at 1.2900.

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