EUR/USD upside looking likely to be sold into today
The recent strength in EUR/USD has brought the price to the upper threshold of the ascending wedge that has been in play throughout the week. The bearish engulfing pattern posted so far this week points to a possible topping off. However, with the price rising straight after, it shows that there is a clear possibility that we could see another break higher.
Nevertheless, I am bearish unless we move above $1.1135. This would be both a continuation of the wedge and the bearish engulfing fallout. Should the price fall, I would be looking at $1.1045 as the major support. Given the Greek discussions over the weekend, I would suggest either widening stop losses or, preferably, closing European-exposed trades for the weekend given the chance of a major gap open.