Euro leans on a negative pattern's support - Technical Analysis - 19-01-2016
EUR/USD traded within a tight range in the intraday levels and short-term trading, leaning on the SMA50, which coincides with another leaning on the support of a negative technical pattern that is currently forming, the Rising Wedge pattern as shown in the attached chart, along with an influx of negative signals from relative power indicators, pushing us therefore into neutral position towards the pair's next behavior versus that pivotal support, which would dictate the pair's next movements.
Therefore we stand neutral regarding the pair's behavior versus the Rising Wedge's support, and in case of it breaching that support, it'll confirm the pair's resolve to devalue, targeting thereafter the first support line at 1.0805.
Trend
Bearish