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EUR/USD Technical Outlook: Trying to Rally From Strong Support

EUR/USD Technical Outlook: Trying to Rally From Strong Support

Paul Robinson, Strategist
EUR Forecast
EUR Forecast
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EUR/USD Technical Highlights:

  • EUR/USD trying to rally from big support
  • Falling wedge triggered on 4-hr chart

The EUR/USD is poised to rally from support in the near-term as the falling wedge on the 4-hr chart has been broken. Broadly speaking, support at the Euro’s feet is quite significant as it marks a sturdy neckline to a large head-and-shoulders pattern.

For the full details, check out the video above.

EUR/USD Daily Chart (holding support)

eur/usd daily chart

EUR/USD 4-hr Chart (wedge broken)

EUR/USD 4-hr chart

EUR/USD Charts 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.