- EUR/USD printed a low of 1.0903 on Wednesday and remains in the red at press time.
- The 4-hour chart shows a falling wedge pattern, a bullish reversal setup.
EUR/USD is trading near 1.0945 at press time, representing a 0.15% drop on the day, having registered losses in the previous three trading days.
The pair's bounce from the March 23 low of 1.0778 ran out of steam near 1.1150 last Friday. The single currency printed a low of 1.0903 on Wednesday, erasing nearly 50 percent from the bounce from 1.0778 to 1.1150.
More importantly, the pullback from 1.1150 has taken the shape of a falling wedge – a bullish reversal pattern – on the 4-hour chart.
A convincing move through the top end of the wedge, currently at 1.0990, would imply an end of the pullback and a continuation of the ascent from 1.0778. The breakout would open the doors for a re-test of 1.1150.
Trend: Bullish above 1.0990
|Today last price||1.0944|
|Today Daily Change||-0.0018|
|Today Daily Change %||-0.16|
|Today daily open||1.0962|
|Previous Daily High||1.1039|
|Previous Daily Low||1.0903|
|Previous Weekly High||1.1147|
|Previous Weekly Low||1.0636|
|Previous Monthly High||1.1497|
|Previous Monthly Low||1.0636|
|Daily Fibonacci 38.2%||1.0955|
|Daily Fibonacci 61.8%||1.0987|
|Daily Pivot Point S1||1.0897|
|Daily Pivot Point S2||1.0832|
|Daily Pivot Point S3||1.0761|
|Daily Pivot Point R1||1.1033|
|Daily Pivot Point R2||1.1104|
|Daily Pivot Point R3||1.1169|
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