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EUR Technical Outlook: EUR/USD Short-term Chart Setting Euro Up for a Move

EUR Technical Outlook: EUR/USD Short-term Chart Setting Euro Up for a Move

Paul Robinson, Strategist

EUR/USD Technical Outlook

  • Euro wedge forming on the 4hr/1-hr charts
  • Levels and lines to watch in the near-term
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EUR Technical Outlook: EUR/USD Short-term Chart Setting Euro Up for a Move

The Euro is putting in a technical formation on the 4-hr chart (can drop down to the 1-hr time-frame) that could set into motion a move here very shortly. The proximity of price to the apex of the wedge implies a move at any time.

Within the context of the uptrend off the late March low the upside is favored as the pattern acts as a continuation-style sequence. A break out of the wedge and above 11919 should do the trick for getting things moving higher again.

On the top-side, the first meaningful level to watch is around the 11990-mark. There lies a low and a pair of highs created during March. If price can approach and break through with momentum, then a rally is possible towards the January trend-line over 12100.

If, however, we see a stalling or worse, a rejection at resistance, then the outlook from there will likely need to neutralize.

On the flip-side a breakdown out of the wedge along with 11871 is seen as likely sending EUR/USD lower. With that in mind, we do want to wait for confirmation either way before running too strongly with a trading bias.

EUR/USD 4-hr chart (wedge forming)

EUR/USD 4-hr chart

EUR/USD Chart by TradingView

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---Written by Paul Robinson, Market Analyst

You can follow Paul on Twitter at @PaulRobinsonFX

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

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