FX.co ★ EURUSD inside wedge pattern eyeing 1.0880

EURUSD is turning lower after topping around 1.10. Price remains inside the long-term downward sloping wedge pattern and we could expect next for price to reach 1.0880 area once again. As long as price is below 1.10-1.1030 we remain bearish.

Price is moving lower aggressively. Trend remains bearish in the medium and long-term. As we said in previous posts, any bounce is a selling opportunity as long as price was below 1.1050. The upper wedge boundary is at 1.1030. Recent high is at 1.10. Resistance is in that area and as long as we do not break above it, we expect prices to move lower.1.0880 next downside target.