Inside technicals and chart patterns by 
I feel like I have been writing a lot bearish analysis for the EUR/USD…I call ‘em like I see ‘em and until the downtrend is broken I don’t see any reason to be a bull. Price action alone will justify that stance. in the meanwhile, I am keeping an eye on the Wave resistance and just as a point of interest, for you trades that like candlestick patterns, a bearish harami that completed Feb. 5th.
So here’s the chart that has me thinking that perhaps the shift back to the downside is happening. This is an “outside the box” way to look at chart patterns, trade follow-through, and Autochartist alerts.
The 60 minute chart has broken the resistance of the rising wedge pattern and while this is a “classic” breakout trigger for this pattern it is not necessarily the best way to trade a trending pattern. (Trending patterns are best set up to capitalize on trend follows and reversals.)
What I do get from this alert (and I will use Autochartist alerts like this) is an indication of potential reversals/support/resistance is that the follow through has reached a target and that this target is resistance and could signal weakness. Follow? It’s not a short signal but a potential short term shift in sentiment that aligns with the overall trend in the EUR/USD.
The daily chart is trading at the resistance I am looking to short from between 3050 and 3070. And the 60 minute rising wedge forecase region confirms the ceiling there as well.