Forex: Eur/Usd finding some resistance at 1.5850-1.5900

After Eur/Usd broke on top of the flag formation, it rallied to 1.5900 and hit some resistance at that level. It tried to break on top several times but couldn't trade above that level. Eur/Usd is still being supported by the 21 day Moving Average but it seems like the market might test that support. If it goes threw Eur/Usd might try attacking the 50 day Moving Average.

When looking at a four hour chart, we see it in a wedge formation, coming towards the tip. If it breaks on the bottom the next support is the 21 day Moving Average. If this support doesn’t hold it should have enough momentum to test the 50 day Moving Average. If it breaks on top we should see new highs with a target of width of the wedge.