Poised for further losses towards 1.1700

  • EUR/USD remains pressured inside short-term rising wedge bearish pattern.
  • Weekly falling trend line, sustained trading below the key moving averages keep sellers hopeful.

EUR/USD edges lower around 1.1730, teasing the rising wedge confirmation, amid early Friday’s morning in Asia.

In addition to the bearish chart formation, a downward sloping trend line from Monday and the quote’s sustained trading below 100 and 200-HMAs hints at the further downside.

However, a clear break of 1.1725 becomes necessary for the major currency pair before hitting the key 1.1700 threshold, comprising the yearly low.

If at all the EUR/USD bears keep reins past 1.1700, late 2020 tops surrounding 1.1600 will be in focus.

Meanwhile, 100-HMA and the weekly resistance line, respectively around 1.1735 and 1.1745, should restrict the pair’s corrective pullback ahead of highlighting the upper line of the stated wedge, near 1.1765.

It should be noted that the week’s top surrounding 1.1770 and 200-HMA close to 1.1790 are extra filters to the north for EUR/USD traders to watch.

EUR/USD: Hourly chart

Trend: Bearish


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