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EUR/USD turning lower in wedge pattern
The pair is trading within a tighter daily range as we approach tonight’s FOMC meeting conclusion, with markets gradually calming down after Thursday’s ECB meeting. With the hourly ATR at its lowest in almost two weeks, there is a clear hesitancy in play ahead of a big risk event.
This morning is seeing the pair rolling over, utilizing the 50-hour simple moving average as resistance. However, with a clearly defined support trendline and yesterday’s low of 1.1072 to contend with, it is likely that this pattern will continue to play out until the meeting.
A falling wedge is typically seen as a bullish pattern and thus another bounce seems likely between 1.1071-1.1059. We await a breakout from this pattern to gain subsequent direction, with 1.1059, 1.1035 and 1.0967 the next key support levels. Resistance levels of note are 1.1125, 1.1139 and 1.1193.