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EUR/USD has rebounded on the H4 chart and continues to be trapped within a Falling Wedge pattern, we'll have to wait for a fresh signal before we consider going long or short on this pair.
The pair has increased as the Dollar Index has slipped lower today, a USDX's further drop will push EUR/USD higher, while a USDX's increase will force the pair to resume the corrective phase.
EUR/USD has found temporary support at the 38.2% retracement level and now is almost to reach and retest the Falling Wedge's resistance and the 1.1238 static resistance (support has turned into resistance).
We'll see what will really happen because the EUR/USD has confirmed a Head&Shoulders pattern as well on Friday, after retesting the 1.1239 broken support level. The bias is bearish as long as the price is trading below the upper median line (ML) of the back descending pitchfork.
We may have a selling opportunity if EUR/USD makes a valid breakdown below the 38.2% retracement level, another lower low, and a downside breakout from the minor chart pattern. The 50% and 61.8% levels could be used as downside targets on the h4 chart.
A downside breakout from this pattern could suggest selling with target also at the 1.1 level, EUR/USD could register a sharp drop if it makes only a false upside breakout from the minor chart pattern.
On the other hand, a valid upside breakout from the minor Falling Wedge could signal a potential increase towards the upper median line (UML). Only a valid breakout above the UML could announce a broader increase.
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