EURUSD Breaks Above Descending Wedge Resistance on Weekly Chart

16 feb 2015

The EURUSD has made some strong gains off the 1.11 level or so several weeks back, and appears to have broken above a descending wedge resistance line on the weekly chart. Although the weekly RSI, Stochastics and MACD are all appearing fairly bullish, with a positive crossover seemingly not far off on the weekly MACD, shorter timeframe charts reveal a bit of fatigue and consolidation ahead of the news from the EU/Greece meetings. Longer term, one can see that after any shorter term pullback, the EURUSD will likely target downchannel resistance coinciding roughly with the 1.15 range.

For my multiple timeframe analysis on EURUSD, feel free to visit: tradablepatterns.com/tag/eurusd/

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