FX.co ★ EUR/USD analysis for October 12, 2023 - Rising wedge pattern in creation

Technical analysis:

EUR/USD has been trading sideways at the price of 1.0620 and I found rising wedge pattern in creation and potential for the breakout mode.

In case of the downside breakout of the support at 1.0580, there is the chance for the further drop towards downside reference at 1.0485

IN case of the upside breakout of the resistance at 1.0645, there is the chance for the higher prices towards upside reference at 1.0720

RSI reading is neutral around 50 level