Last week I showed you that my technical focus is to see whether price break below or above the rising wedge formation. Now let’s take a closer look to what happened this week. As you can see on my daily chart below, the rising wedge has been broken to the upside. The way I see it, now we have two technical bullish confirmation. First is when price broke above the falling wedge and second when price broke above the rising wedge, deny the bearish reversal scenario. 1.3340 is a key level at this phase. Consistent move above that area could lead us to a new range between 1.3340 – 1.3585/1.3650 with a strong bullish bias.
Have a great weekend and see you guys next week.
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