Analysis: Descending Wedge | EUR\USD

A Descending Wedge pattern is present at the EUR\USD, at 15-minutes chart. The Wedge is a reversal chart pattern which indicates the reversal of short-term downtrend and the continuation of the previous bullish move. This pattern is common among the EUR\JPY and GBP\JPY currency pairs, and causes many reversals in these pairs. Pattern also coincides with 38.2% Retracement of the last uptrend, which also encourages the continuation of previous uptrend.