The European common currency has entered a medium-term consolidation period which has resulted in the formation of a broadening wedge. However, the lower wedge boundary was not reached during the rate’s last wave down, as it halted abruptly circa 1.47—a support set by the monthly S1 and the 61.8% Fibonacci retracement.
If a reversal is confirmed, it could demonstrate a shift in trader sentiment and therefore a possible buying opportunity. Technical indictors likewise support a slight recovery within this week.
A significant resistance area is located near the 1.4860 mark set by the 55– and 200-hour SMAs, the monthly PP and the 38.2% Fibonacci line.
If a reversal is confirmed, it could demonstrate a shift in trader sentiment and therefore a possible buying opportunity. Technical indictors likewise support a slight recovery within this week.
A significant resistance area is located near the 1.4860 mark set by the 55– and 200-hour SMAs, the monthly PP and the 38.2% Fibonacci line.
