EUR/USD also in large wedge formation
The EUR/USD can also be seen in a large wedge formation setting up since March 2nd, 2010. The pair has been in a tightening range since that time with lows getting higher and highs getting lower. This pattern typically indicates a powerful move in one direction or the other. The pair has currently broken just above the top trendline and traders are trying to see if the pair will hold above the 1.3670 level. This would pave the way for further movements to the upside. The next level of reistance comes in at 1.3735 (the high for the past week.) The EUR/USD is well away from the 200 Day MA at 1.4327. On the downside, support will be seen at the 100 Hour MA (blue line) at 1.3642. Below that, the 200 Hour MA at 1.3614 and then the 50% retracement level at 1.3586 come into view.
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