The EUR/USD achieved the resistance in place for six years and, in the process, tested the upper limit of a rising wedge pattern, notes SocGen. "The uptrend has seen a change in regime since 2012 as the rebound became subdued and the pair formed a rising wedge pattern. A wedge is characterised by constricted price action within two converging trend lines and implies a corrective up move," SocGen adds. "A break below the lower limit of the pattern (1.3476/20) normally confirms precipitation in the downtrend. Monthly RSI has rolled over after testing a multiyear graphical ceiling highlighting 1.40/1.4040 to be key ... (full story)