FX.co ★ EURUSD short-term trend remains bullish but still inside long-term wedge pattern

EURUSD is trading below 1.10 still inside the long-term downward sloping wedge pattern. Short-term trend is bullish as long as price is above 1.0950 and with resistance at 1.10-1.1020 we expect volatility to rise soon.

Black rectangle- short-term resistance

Green line - short-term support

EURUSD could rise all the way towards the upper wedge boundary around 1.1030 if it breaks 1.10. At 1.1030 we also find the 61.8% Fibonacci retracement of the last leg down from 1.1109. A rejection at 1.10-1.1030 area will open the way for a move below 1.09 and another test of the lower wedge boundary. Support is key for the short-term trend at 1.0950 and at 1.0970.