EUR/USD Breaks Out Of Bearish Wedge Pattern

Russell Shor, CFTe, MFTA FXCM

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

Author

Russell Shor, CFTe, MFTA

FXCM

Russell Shor (MSTA, CFTe, MFTA) has an Honours Degree in Economics from the University of South Africa and holds the coveted Certified Financial Technician and Master of Financial Technical Analysis qualifications from the Interna

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