Price Pattern
The chart shows a rising wedge:
This pattern is usually bearish (weak rise that tends to break down).
The wedge forms with higher lows and higher but converging highs.
Confirmation: On the chart, the two blue lines you drew represent this pattern well.
👉 Possible scenario: If it breaks down, the most likely target is around the 1.1500–1.1450 area.
📉 Technical Indicators
1. Stochastic (14,3,3)
Current value: around 72.74 (nearly overbought zone > 80).
It is turning upward but near a resistance area.
👉 Signal: Possible exhaustion of the bullish momentum.
2. MACD (12,26,9)
MACD line (blue) ≈ 0.0024, above the Signal (orange) ≈ 0.0020.
Green ascending histogram → positive momentum.
👉 Signal: Bullish in the short term, but still weak.
3. Price Action
The latest candles show indecision (small bodies, wicks).
The price is in the resistance zone (1.1700 – 1.1720).
The wedge is tightening → breakout imminent.
⚖️ Trading Summary
Prevailing pattern: Rising wedge → downtrend.
Indicators:
MACD = weak bullish
Stochastic = near overbought → reversal risk
Key zones:
Strong resistance: 1.1720 - 1.1750
Support: 1.1600, then 1.1500
👉 If the wedge breaks below 1.1600, a possible decline towards 1.1450.
👉 If the wedge breaks above 1.1750, the wedge is invalidated and the price continues towards 1.1850-1.1900.
