EUR/USD Breaks Out Of Bearish Wedge Pattern
The below is the daily chart of the EURUSD. The currency pair has broken out of a rising wedge (green converging lines). These type of patterns are bearish continuation in nature. Moreover, the RSI(9) is also below 50, which is indicative of an underlying bearish momentum. The bearish wedge generally defines a bear market rally. Therefore, the next leg down may be under way. As such we continue to monitor.
Past performance is not an indicator of future results.
CHART SOURCE: FXCM MARKETSCOPE 2.0
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.