EUR/USD
Strategy: Pending Breakout
Broadly speaking, EURUSD positioning is unchanged from what we identified last week: the weekly chart shows a bearish Rising Wedge formation bolstered by negative divergence on the RSI oscillator. A close above the wedge top (now at 1.5044) opens the door for a move to test 1.53, while a meaningful downward reversal needs to take out the range bottom (now at 1.4640) to be conclusively confirmed. We will remain on the sidelines for the time being as prices resolve the path of least resistance from here.
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