Recently, the price of EURUSD completed a decisive bullish rebound. This was exemplified by the emergence of a Falling Wedge, a classic trend reversal pattern, at the bottom of the previous downtrend.
The price action went on to consolidate in a range between the 23.6 per cent Fibonacci retracement level at 1.16153 and the 38.2 per cent Fibonacci at 1.16716 afterwards. The strength of the range's lower limit is underpinned by the crossover between the 100-day MA (in blue) and 50-day MA (in green). Meanwhile, the 200-day MA (in orange) is currently converging with the range's upper border.
The next target for the uptrend seems to be the 1.17000 threshold.
The price action went on to consolidate in a range between the 23.6 per cent Fibonacci retracement level at 1.16153 and the 38.2 per cent Fibonacci at 1.16716 afterwards. The strength of the range's lower limit is underpinned by the crossover between the 100-day MA (in blue) and 50-day MA (in green). Meanwhile, the 200-day MA (in orange) is currently converging with the range's upper border.
The next target for the uptrend seems to be the 1.17000 threshold.
