[FX] EURUSD in Range And Approaching Resistance – Update
Looking back at my post on 20 August 2013 regarding EURUSD in range and approaching resistance, the latest happenings on this pair is showing that price is rejecting further upward movement at the resistance zone. I aslo see a Rising Wedge (circled in orange) formed plus a Bearish Divergence between price and the Williams %R indicator (see the magenta arrows).
Current price has already moved and broken below the lower trend line of the Rising Wedge formation, so I’m a bit late to initiate a short position. I will probably switch down to a H4 chart to see if the price action re-test the lower trend line or even the resistance line and show some bearish rejection before attempting to take a short position on this pair.