The Bearish Wedge keeps the long term Double Top the big risk for the pair.

A big rejection of the descending and bearish wedge trend line (and 50dma) will keep the bearish bias in tact as a possible double top continues to setup longer term with the pair. In addition, the rejection of the 38% retracement at the 1.2119 level also weighs on the pair, enhancing the bearish case for the pair. A move below the 200dma would be near term very bearish.

Blake Morrow

Our “Chart of the Day” feature highlights standout technical analysis patterns and price moves. This type of analysis could be helpful if you are interested in our Trader Funding Program where you can also join an elite group of traders at Forex Analytix, click here to learn more. Trade our money, take 75% of the gains and none of the risk.

Steve Voulgaridis