EUR/USD: Narrowing wedge finds support at 1.1270

Lower highs and higher lows, the narrowing wedge in EUR/USD is trying to find the way to break but Wednesday's 4-hour chart is painting a mixed picture, FXStreet’s analyst Yohay Elam briefs.

Key quotes

“Momentum on the 4-hour chart is now balanced. While the EUR/USD pair failed to conquer the 50 Simple Moving Average, it trades above the 100 and 200 SMAs. Setting higher lows and lower highs suggest a significant move is brewing, yet the charts do not suggest a clear direction.”

“Resistance awaits at 1.1350, the weekly high, followed by 1.1425, the three-month peak recorded a week ago.”

“Support awaits at 1.1270, a support line from mid-June, with more significant support awaiting at 1.1210, Friday's low.”