The EURUSD appears to be developing an Ascending Wedge pattern as global inflation concerns tighten. This could strengthen the reeling greenback, potentially causing a reversal.
This is further substantiated by the fact that, when found at the top of an existing uptrend, Ascnedning Wedges signify potential reversals.
Furthermore, the MACD indicator underscores a divergence in the making, as the underlying buying volume has already climaxed.
Because the price action has already tested the upper boundary of the Wedge three times and its lower end twice, the EURUSD may rebound between the two extremes once more before such a reversal takes place.
This is further substantiated by the fact that, when found at the top of an existing uptrend, Ascnedning Wedges signify potential reversals.
Furthermore, the MACD indicator underscores a divergence in the making, as the underlying buying volume has already climaxed.
Because the price action has already tested the upper boundary of the Wedge three times and its lower end twice, the EURUSD may rebound between the two extremes once more before such a reversal takes place.
