The information on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG Bank S.A. accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it and as such is considered to be a marketing communication.
Be aware that as the results come in, these FX pairs are open to significant, unpredictable, volatility.
EUR/USD rising wedge in play
EUR/USD has been gradually gaining overnight, with a rising wedge pattern now in play. This is typically bearish and as such, it would not be surprising to see some sort of leg lower, even if it is just a short-term retracement.
Interestingly, this pattern has formed with a top at the crucial $1.1349 resistance level, which needs to be broken to return back into a short-term uptrend. With that in mind, a short-term leg lower is expected for this morning, with an hourly close needed above $1.1349 to continue this uptrend.