Does the figure seem familiar to you?
All you traders know about “Rising wedge” : it is a bearish pattern signaling that the security is likely to head in a downward direction. The trendlines of this pattern converge, with both trendlines slanted in an upward direction.
Not only our idea but also most fundamentals in market have this idea in their head but maybe hide it somewhere out of view as it may intend to break the most psychological level in the market : “EUR/USD will break 1.00000″
No one can predict it obviously but if we forget numbers and just take a look at figure, rising wedge figure, boundaries were touched several times and a confirmed break may open the doors for bearish long term traders.
A bullish move is expected may be for another touch on upper trend line, so those who want it to be bearish have to have a look on September and US news also.