Sasha Singh
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EURUSD : Falling Wedge Giving Bullish Signal

(EURUSD : 4 Hour Chart)

EURUSD might rebound from its current position covering some of its losses as a falling wedge pattern can be seen on the chart. A falling wedge gives a bullish signal and according to which the pair might break the resistance trend line of the wedge to rise. Now the reason fundamentally could be the weak first quarter USD GDP growth report which might provide some support to EUR. If we insert a Fibonacci retracement levels on the chart then we can see the levels to which the pair may rise after the breakout. First resistance level seems to be at 23.6 fib level after the surge.

Although technical shows that the pair may surge now but if looking at today’s German Retail Sales Report, the retail sales in Germany were not able to meet the Economist’s expectations. Lets see what weighs on the pair.

Germany's Retail Sales:

Forecast : +0.2%

Actual : -0.9%