by Johan Kriek (jkriek@fxinstructor.com)

Hi there fellow chartists. Please have a look below for the beautiful RISING WEDGE identified on the EUR Daily chart:

Rising wedges in a bull trend signals a reversal of that bull trend. Rising wedges are regarded as bearish patterns, regardless if found in a bull or bear trend.

Below follows an example of how a rising wedge reverses a bull trend and how it signals a continuation of a bear trend

This particular pattern’s support line resides at the 1.4185 region. If the latter mentioned support is violated and confirmed, we could see a huge move to the downside which could be very volatile

I will be watching the NFP figure today as it could very well be the catalyst to send the EUR lower

Ask me questions about this in the Live Trading Room

Enjoy your trading day!

Johan