Technical Analysis: Rising wedge near February high tests EURUSD bulls ahead of US GDP
EURUSD eases to 1.2130, following its run-up to a two-month high, during early Thursday. Although the Fed managed to keep the US dollar down, today’s preliminary readings for US Q1 GDP may trigger the greenback’s bounce off the lowest levels since late February. Technically, the EURUSD pair portrays a bearish chart pattern on the four-hour play near the multi-day top, which in turn increases the strength of sellers following the confirmation. Though, the latest pullback moves are less important until breaking 1.2060 support. Also acting as the downside filters could be a horizontal area from early March and 200-SMA, respectively around 1.1990 and 1.1910.
Meanwhile, an upside clearance of 1.2150 will defy the bearish formation and propel the quote towards multiple resistances near 1.2180. If at all the EURUSD bulls ignore overbought RSI while keeping reins past-1.2180, odds of the pair’s run-up to March high near 1.2245 can’t be ruled out.