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EUR/USD turned to the upside after being rejected by dynamic support again. The pair bounced back as the DXY drops after reaching the Rising Wedge's resistance. The currency pair is still located within a Falling Wedge reversal pattern.
Escaping from this pattern could really signal an upside reversal and could bring us a good long opportunity. ECB could bring high volatility on this pair tomorrow. Also, the US Unemployment Claims and the Eurozone Consumer Confidence will have an impact on this pair.
The pressure is still high as long as it stays within this pattern, that's why we have to wait for confirmation before jumping into a long position.
It has found support on the downside line again and now it's almost to reach the downtrend line. Its false breakdowns with great separation through the S1 (1.1755) static support signaled that the sellers are exhausted.
We'll see how EUR/USD will react after reaching the downtrend line and the weekly pivot point (1.1817). Only a valid breakout above the downtrend line and through the 1.1824 high could validate an upside reversal.
We'll have a new buying opportunity if EUR/USD jumps and stabilizes above the 1.1824 level. The 1.2000 psychological level could be used as an upside target.
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