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A Rising Wedge on EURUSD : Bearish Trend

EUR is strengthening against US Dollar in response to the weak US economic data released today. However a rising wedge on the hourly chart suggest a bearish pattern that signals that the pair is likely to head in a downward direction. A rising wedge is formed when the pair trades between the two converging trend lines heading in upward direction. As the pair will move towards the apex the momentum of rising price will weaken because of the inability to take higher prices by buyers as a result of which seller will start to gain momentum. The pair will breakout from the support trend line of the rising wedge when the sellers will take control of the pair which is considered as a reversal of the uptrend.