Critical moment for EURUSD wedge pattern
EURUSD bears are trying to invalidate a wedge pattern by sending the price below 1.0887, yet bulls are not giving up quickly, and if the level holds, EURUSD could reach a fresh monthly and 2024 high.
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This content is not directed to residents of the EU or UK. Any opinions, news, research, analyses, prices or other information contained on this website is provided as general market commentary and does not constitute investment advice. ThinkMarkets will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise directly or indirectly from use of or reliance on such information.
Note
The risk-reward ratio is excellent right now, as the price is close to the stop loss level, but if the trend was truly bullish, we should have already left the buy area.
One reason for the slow progress is the summer months. Trading, in general, will improve by September as markets start trending.
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