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EUR/USD – What Type of Wedge?

EUR/USD – What Type of Wedge?

Jamie Saettele, CMT, Sr. Technical Strategist


Chart Prepared by Jamie Saettele, CMT

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-I wrote last updates that “I don’t feel strongly one or the other at these levels but levels to note are 1.0654, 1.0517, and 1.0460s.” EUR/USD dipped into the 20 day average before finishing January on a high note. 1.0820/50 (supports going back to 2015) is a big level. Strength above would be viewed as an important technical event and shift focus to 1.1200 (or close). The title refers to the fact that the rally from the low could end up as a running wedge. A break above the blue line would suggest as much.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.