17 Aug 2016

EUR/USD - REBOUND LOWER LIKELY

EUR/USD H4

The rate has climbed up to test the former 2016 broken rising trendline as the new resistance once again.

Current price formation looks like a rising wedge and the former trendline also acts as the wedge's upper boundary, so it may prove to be a nice entry for a short term bearish trade.

The immediate attention should be turned to the wedge support around 1.1200 and we really need to see a break below this level for more serious advance lower.






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