Unfortunately, neither existence of a rising wedge formation, nor the weekly R1 or the 50% Fibonacci retracement level stopped the rate from breaking to the top.
However, this does not automatically mean dissolution of the pattern, as it still stay in force by making readjustment of the boundaries. Regardless of existence of the figure, in order to continue moving upwards, the pair will need to cross strong resistance zone located between the 112.62 and 12.70 marks.
In addition to that, this barrier is strengthened by the 55-day SMA that lies at 112.75 as well as the 50% Fibonacci retracement level located at 113.00. In support of this assumption, 55% of pending orders in 100 pip range and 59% in 50 pip ranges are set to sell.
|MACD (12; 26; 9)||Buy||Sell||Buy|
|Stochastic (5; 3; 3)||Sell||Sell||Sell|
|Alligator (13; 8; 5)||Buy||Sell||Buy|
|SAR (0.02; 0.2)||Buy||Buy||Buy|
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