EUR/CAD 1H Chart Emerging Pattern: Rectangle

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EUR/USD 1H Chart

Emerging Pattern: Rising Wedge

EUR/USD has formed a Rising Wedge pattern on the 1H chart. The pattern has 76% quality and 43% magnitude in the 95-bar period.

The pattern began on the 5th of April when the pair dipped from 1.3040; currently it is trading at the daily pivot (PP) at 1.3097; the gap between the pattern’s support and resistance narrows by 25 pips in 50-bar period. The trading volume seems to be holding at the same level in the length of the pattern. Technical indicators on aggregate point at appreciation of the pair on 4H the horizon. Long traders could focus on the 20-bar SMA at 1.3111, Bollinger band at 1.3129, pattern’s resistance/daily pivot (R1) at 1.3153/56 and 100-day SMA at 1.3176.

Short traders, who expect that pair will continue moving towards pattern’s support, could focus on the Bollinger band at 1.3092, pattern’s support at 1.3082, daily pivot (S10 at 1.3061 and 200-day SMA at 1.3030.


EUR/DKK 1H Chart

Emerging Pattern: Triangle

Over the past 413 hours the trading range of EUR/DKK has been narrowing, as the currency pair was contained by two converging trend-lines. Just recently the price bounced off the falling resistance (red) line at 7.4580, implying that a bearish wave is likely to continue until we reach 7.4542, the rising support (green) line.


EUR/CAD 1H Chart

Emerging Pattern: Rectangle

After the price of the single European currency soared from 1.2955 up to 1.3318 Canadian dollars, the pair commenced a consolidation phase which still persists. The boundaries of the pattern are divided by a little more than 100 pips and traders are not united in their view of future EUR/CAD’s direction, 44% of them hold long and 56% hold short positions.


EUR/HKD 1H Chart

Emerging Pattern: Rising Wedge

The rally in EUR/HKD appears to be losing steam (during the last 100 bars), meaning that we should be already on the verge of a reversal, as suggested by the Rising Wedge formation on a 1H chart. This scenario is also shared by the SWFX marketplace traders, 70% of whom have already short sold the Euro.