Short

Euro may exit from wedge and then drop to support level

Hello traders, I want share with you my opinion about Euro. After a strong impulse to the upside and a retest of the 1.1265 resistance area, the Euro started to consolidate inside a downward wedge. Despite repeated attempts to hold above the 1.1265 - 1.1300 zone, price action gradually shifted lower, creating lower highs within the wedge formation. This pattern often signals continuation or deeper correction, especially when formed after a large bullish move. The recent breakout below both the support area and the lower wedge boundary confirms that bearish pressure is taking control. The rejection from the seller zone and the sharp decline reinforce this shift in sentiment. Now the price is trading near the support line of the wedge and showing weak attempts to recover, forming a potential retest of the broken structure. Given the break of support, I expect the Euro may continue its decline toward the 1.0925 level, which coincides with both the buyer zone and a well-defined support level, thereby exiting from wedge pattern. This zone serves as my current TP 1. Please share this idea with your friends and click Boost 🚀

LegionQ8

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LegionQ8

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