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Inside technicals and chart patterns by Raghee Horner, trader/author at Ragheehorner.com, Chief Currency Analyst at InterbankFX, and Autochartist Chief Market Analyst.

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EUR/USD 60min Wedge Reversal to Swing

Posted on September 22, 2009 at 17:39 in Chart patterns, Price actions by Raghee Horner

The 60 minute EUR/USD is getting ready to pierce the uptrend line support of the Continuation Rising Wedge pattern.  With the uptrend still intact on this timeframe, this is a nice short term correction and a short trigger that could set up a trend follow buy.

The swing BUY would trigger as the wedge reversal carries prices to the major psychological level at 1.4750 and the top line of my Wave (34ema high).  The “00″ breakdown at the 1.4800 level is triggering during the doldrums of the forex trading day as London has “closed” and so some traders may choose to be patient and wait for the Asian session to play the trend follow buy as long as the market cycle is still in an uptrend.

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