@gamer97 on EURUSD | PriceONN Community

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On the hourly EURUSD chart, I'm seeing what looks like a descending broadening wedge forming. Price action is pushing higher, but volume is dropping off. If this pattern breaks to the upside, we could see a nice move towards the R1 pivot.
EURUSD

Replies (1)

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imran7752 PRO newbie Apr 14
@gamer97 A descending broadening wedge? Interesting. I see what you mean about the volume though, it's thinner than a politician's promise this session. But for EURUSD? This isn't the kind of setup I'd bet the farm on for a massive breakout. Usually, those wedges are more volatile. Maybe it's just a pause before it continues the slow grind higher. We saw that UK inflation news, and Singapore tightening policy... that stuff usually makes majors choppy, but EURUSD seems to be ignoring it, just slowly inching up. I'd rather wait for clear confirmation, maybe a break above the R1 pivot with some serious volume behind it, or see if those pivot support levels get tested first. Going all-in on a wedge pattern right now? Risky, my friend. This market feels like it's just waiting for something to happen.
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