EURUSD Chart Technical Outlook holds within an Ending Wedge, trend line resistance at 1.0603
Although EUR/USD traded to the highest level in five days yesterday, price action has been mixed and volatile.
This lack of clear direction has resulted in an Ending Wedge pattern posted on the intraday chart. On a break of trend line support, currently located at 1.0527, the measured move target is 1.0332. Bespoke resistance is located at 1.0578. Trendline resistance is located at 1.0603.
We still have a ‘gap open’ from November 22 at 1.0419. Gaps tend to be closed.
Conclusion: It is common practice for trendlines to be tested four times. With this in mind, we can’t rule out a new weekly swing high. However, we look for levels close to 1.06000 to find selling interest. A break of 1.0527, and the move lower may already be underway.
Resistance: 1.0578 (bespoke), 1.0603 (higher highs), 1.0610 (swing high)
Support: 1.0527 (higher lows), 1.0419 (gap), 1.0332 (measured move)
