EUR/USD Falling Wedge
The falling wedge pattern on the EUR/USD 12-hour chart has been confirmed, signaling a potential bullish breakout. This classic technical setup indicates a reversal from the prior downtrend, with buyers stepping in as price breaks above the upper resistance line of the wedge.
Key Details:
Pattern Confirmation: The breakout above the wedge resistance line confirms the pattern, with a retest further validating the upward move.
Targets:
Target 1: 1.0600 – Based on previous support-turned-resistance levels.
Target 2: 1.0900 – The measured move from the height of the wedge added to the breakout point.
This setup reflects the strength of technical analysis, with the falling wedge showing the market's tendency to reverse after sustained selling pressure. A strong support level provides the foundation for this bullish move.
Key Details:
Pattern Confirmation: The breakout above the wedge resistance line confirms the pattern, with a retest further validating the upward move.
Targets:
Target 1: 1.0600 – Based on previous support-turned-resistance levels.
Target 2: 1.0900 – The measured move from the height of the wedge added to the breakout point.
This setup reflects the strength of technical analysis, with the falling wedge showing the market's tendency to reverse after sustained selling pressure. A strong support level provides the foundation for this bullish move.
Note
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
📈 6 years in the financial markets! Join my Telegram for exclusive insights.
Telegram Link: t.me/charts_M7M
Telegram Link: t.me/charts_M7M
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.