EUR/USD to draw a reversal pattern on a close above 1.1788 – Commerzbank

According to Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, it is possible that the EUR/USD is building a reversal pattern. This would be confirmed on a break above the downtrend at 1.1788.

Potential falling wedge reversal pattern?

“EUR/USD’s low of 1.1665 was not confirmed by the daily RSI and the market is correcting higher.”

“In fact it is possible that this may be a falling wedge reversal pattern, but this will only be confirmed on a close above the downtrend at 1.1788. This guards the 1.1909 July high and then the 1.1990/1.2007 March high and 200-day ma.”