EUR/USD- Trading In An Upward Wedge Pattern
AvaTrade | Apr 12, 2016 06:32AM ET
The EUR/USD pair is trading in an upward wedge pattern on a 4 hour time frame. This confirms that the trend is skewed towards the upside and as long as we remain within this channel, the bias may remain for further upside move.
The price is trading above the 50 (1.1384) and 100 day (1.1298) moving averages and this confirms that the bulls are in control of the price. We are also trading within the Bollinger band and this confirms that the volatility is trading higher.
The RSI is trading at 54.25 and it is showing a clear divergence with respect to the price action. This confirms that the momentum is not supporting the price action.
by Naeem Aslam
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