FXstreet.com (Barcelona) - Euro has retreated against the Greenback after posting 11-month high at 1.4666 and, during the European session, pair has fallen around 60 pips to test intra-day low at 1.4705. Currently the pair is trading around 1.4705/15, 0.05% above today's opening price action.
Ian G Coleman, FXstreet.com collaborator, comments about the possible EUR/USD bearish pattern: We never got the break of the MACD trend line (B) so stood aside yesterday. We have formed a nice, high, ascending wedge formation. This is a bearish pattern. We need to look at a break of the pattern formation to the downside through 1.4704 with a break of B (MACD trend line) to confirm the move lower. (It should be noted that we have not had a close above the previous high on the daily chart)
The ecPulse.com analysis team expects a bullish pair: The euro versus the dollar is gradually moving to the upside; where it continues to fluctuate around 1.4740 resistance, pointing to the importance of this level in opening the way to continue the short term upside wave. We still hold onto our morning expectations; targeting initially 1.4875, and then 1.5000. As long as 1.4650 remains intact, the expected upside move will prevail.