EUR\USD Analysis

EUR\USD Technical Analysis
Judging by the Technical pattern at EUR\USD, this major is preparing for the continuation of the uptrend. This can be inferred by several technical indicators: First of all, the Wedge that price has formed onto this pair. We can see a very precise and clear wedge on hourly chart, showing us that this downtrend is merely temporary and has no real power.

Another indicator supporting the bullish direction is the Volume. Putting a 50-period Moving Average on volume shows a decrease of volume as the downtrend started, showing that it has no fuel and is merely a temporary stop, for buyers to rearrange and continue to conquering new highs. Plus, price has stopped exactly at the 23.6% Fibonacci Retracement of the last uptrend.