- EUR/USD is trading 0.62% higher on Wednesday.
- The greenback is weaker against all the major currencies.
EUR/USD 4-hour chart
EUR/USD is performing well on Wednesday as the pair trades 0.60% higher. The price has made a new wave high after breaking the pattern outlined in the chart below. 1.1350 is a bit of a resistance zone as the price has stopped there on four occasions on this chart and should be watched.
The triangle pattern was broken at midnight (London time) last night and now the price has not looked back since. There was also a nice technical retest to make the higher low wave. Looking above at possible targets, the high on the chart of 1.1422 could be tested if the bulls can break the 1.1350 resistance mentioned above.
On the downside, the bulls should only worry if the 1.1260 area gets broken. This would invalidate the previous higher low to make a new lower low wave. Beyond that the pattern low at 1.1168 is the main support area on the chart.
Looking at the indicators, they are both looking positive. The Relative Strength Index is just above to hit the overbought zone but there is space still on the upside. The MACD histogram has just turned green and the signal lines are still above the mid-point which is a good sign for the bulls.
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