Red lines- wedge pattern
Blue line- bearish divergence
Black line -horizontal support
EURUSD is trading around 1.0615. Despite breaking out and below the upward sloping wedge pattern, price remains supported as it mostly moves sideways over the last few sessions. Support at 1.0570 is being respected. The RSI has provided warnings if a weakening up trend as it continues making lower highs. A break below 1.0570 will signal a short-term reversal and if that is the case we should expect EURUSD to be under pressure and push lower towards the beginning of the wedge pattern around 1.01-1.02.
