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On the daily chart there is a pronounced bear wedge pattern that has been forming since early 2013

Chris Weston

Pepperstone

On the daily chart there is a pronounced bear wedge pattern that has been forming since early 2013. The pair needs to break below the rising trend at 1.3710 for the pattern to complete, with the market also eyeing the 55-day moving average just above this level. The MACD is still above zero, while stochastic's are at the top end of the range, thus shorting still seems tough right now and unrewarding as the dips have been supported every time. German inflation data on April 29 and then Eurozone flash estimate the following day are now key and could really see the EUR under strong pressure if we don't see the sorts of rebounds the market expects. Given the chance of a pop however in the pair if inflation rises, I would stay neutral on this pair selling rallies to 1.40.


Chris Weston
Chris Weston
Head of Research
Pepperstone

Highly accomplished financial markets professional, with experience at a number of top-tier global institutions on both the buy and sell-side. A natural communicator with a strong ability to analyse macro-economic trends, capital flows and market...

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