EUR/USD: Showing a narrowing wedge

EUR/USD is trading in a narrowing triangle or wedge, with lower highs and higher lows, as FXStreet’s analyst Yohay Elam notes.

Key quotes

“The current confined range will likely be followed by a stronger move. On the one hand, momentum on the four-hour chart has turned positive, but on the other hand, the currency pair trades below the 50, 100, and 200 Simple Moving Averages.”

“Support awaits at 1.0840, which provided support earlier. It is followed by 1.0810, Friday's low.”

“Resistance is at 1.0890, the weekly high, followed by 1.0930, which was a swing high in early April.”