EURUSD Daily Forecast: March 13

EURUSD Forecast
The EURUSD didn’t make significant movement yesterday. The bias remains neutral in nearest term. From an hourly chart perspective as you can see on my hourly chart below, price is moving inside a rising wedge formation which could create further bearish correction after printed a double top formation at 1.2445. Immediate support is seen around the lower line of the rising wedge located around 1.2300 area. A clear break below that area would confirm the rising wedge bearish scenario testing 1.2270 – 1.2250 but key support remains around 1.2175. Immediate resistance remains around 1.2360. A clear break above that area would invalidate the rising wedge bearish scenario testing 1.2400 – 1.2445 region. Overall I remain bullish but as long as stay below 1.2537 price is still in a bearish correction/consolidation phase.

Rising wedge: forex trading

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