Inside technicals and chart patterns by 
The short term charts of the 15, 30, and 60 minute EUR/USD are moving within a distribution cycle on the heels of yesterday’s big rally. The Dow’s strength pushed the U.S. Dollar Index lower as risk appetite in equities roared back. In the shadows of a +199 point day in the Dow is today’s -29 pre-market as traders aren’t sure just how much the GDP number reflects the long uphill climb ahead for the U.S. economy: buy now, ask later was the rule for the rally.
If traders decide to be non-committal in front of the weekend, there are some near term exhaustion shorts that be set up off the triple (soft) top between 1.4859, 1.4858, and 1.4853. The distribution cycle holds the validity for this aggressive short. If the market flattens out to accumulation, it turns in a breakout/breakdown strategy.
There’s also a rising wedge on this chart and the uptrend line support could be helpful if the Dow climbs again after the 8:30am, 9:45am, and 9:55am EST data releases.
Chart created with MT4 and the Autochartist Chart Pattern plug-in.