10th August: EUR\USD Analysis

Submitted by ChartSecret.com on Mon, 08/10/2009 - 21:12
in

Wedge pattern

A Wedge appeared at EUR\USD pair, suggesting a reversal of this major pair. The Wedge is a classic reversal pattern that consists of two trendlines that are converging. Unlike the channel pattern, this indicates asymmetrical movement and a false trend that will result in a reversal.