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I've been trading for 15 years, so I have a lot of things to share. I use the classic technical analysis, which is one of the most powerful tool for any trader.

EUR/USD: bulls rip the "wedge" to shreds

Sergey Logachev

EUR/USD: bulls rip the "wedge" to shreds

The consolidation in a support zone at 1.1145 – 1.1032 was finally ended by the really fast upward movement yesterday, so we’ve got a new high. The price faced a resistance at 1.1245. It’s likely that a correction is going to a support area between the levels 1.1214 – 1.1178. If we see a pullback from this area, then bulls might try to reach a resistance area at 1.1273 – 1.1305.

EUR/USD: bulls rip the "wedge" to shreds

The downward “Wedge” was broken yesterday. Bulls found a resistance at 1.1245, which led to the current correction. It seems like the bearish movement is going to a support area between the levels 1.1192 – 1.1178. If sellers be stopped here, then buyers can return to the market, so a resistance at 1.1257 – 1.1273 is probably going to be the main target soon.

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