What I have included on this chart: A fibonacci Retracement
A resistance line at 0.76812
A rising trendline underneath the lows of each swing low
The resistance line and trendline creates a wedge pattern since the end of May unti the present; observing this shows that the pair has closely followed a descending triangle pattern. When a fibonacci retracement is drawn from the swing low in may to the high in mid August, you can observe that every single swing has bouced off of the fib. levels precisely while never breaking the retracement.
The wedge pattern is coming to an end and with these technicals and the current geopolitical state that the US is in (upcoming election and "possible Fed Rate hike" the pair should break out to the bearish side as the USD could theoritically appreciate.
A resistance line at 0.76812
A rising trendline underneath the lows of each swing low
The resistance line and trendline creates a wedge pattern since the end of May unti the present; observing this shows that the pair has closely followed a descending triangle pattern. When a fibonacci retracement is drawn from the swing low in may to the high in mid August, you can observe that every single swing has bouced off of the fib. levels precisely while never breaking the retracement.
The wedge pattern is coming to an end and with these technicals and the current geopolitical state that the US is in (upcoming election and "possible Fed Rate hike" the pair should break out to the bearish side as the USD could theoritically appreciate.