The EURUSD bounced from the bottom of the descending wedge.

The EURUSD found support ahead of the 161% extension of the May lows to June highs near the 1.0920 level. This also coincides with the long term descending wedge support. If the pair can get back above the 1.1100 level near term, the risk may turn for a test of the wedge downtrend line at 1.1220.

EURUSD Descending Wedge

Blake Morrow