EUR/USD: 1-hour
Anybody waiting for a breakout on EUR/USD? I know I am! On its 1-hour forex time frame, the pair is slowly edging higher but is also consolidating inside a rising wedge chart pattern. Price is testing the wedge support around the 1.1350 minor psychological level and 100 SMA at the moment and might be due for a bounce back to the top. Stochastic is still moving down, which means that there might be enough bearish pressure to trigger a downside break. If that happens, EUR/USD could tumble by around 400 pips or roughly the same height as the chart formation.
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