EURUSD is forming a descending price channel for quite a long time. For the last week, a consolidation in the format of a wedge is forming on the chart, which breaks the boundaries of the range
TA on the high timeframe:
1) A bounce from 1.08441 support is forming and price is limiting itself to the range
2) The liquidity area where the currency pair may be headed in the medium term is around 1.10500
TA on the low timeframe:
1) The resistance of the wedge coincides with the location of the resistance of the descending channel
2) Price breaks the resistance area of the reversal pattern and exits the range, a retest of 1.09178 is formed
3) As the trend is breaking, price may soon enter the phase of realization of accumulated potential and form a distribution to 1.10475.
Key resistance📈: 1.09178
Key support📉: channel line, 1.08744
TA on the high timeframe:
1) A bounce from 1.08441 support is forming and price is limiting itself to the range
2) The liquidity area where the currency pair may be headed in the medium term is around 1.10500
TA on the low timeframe:
1) The resistance of the wedge coincides with the location of the resistance of the descending channel
2) Price breaks the resistance area of the reversal pattern and exits the range, a retest of 1.09178 is formed
3) As the trend is breaking, price may soon enter the phase of realization of accumulated potential and form a distribution to 1.10475.
Key resistance📈: 1.09178
Key support📉: channel line, 1.08744
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