On Sunday I pointed out a confluence of resistance on the EURUSD at 1.1660/70. It’s the intersection of wedge support and resistance. I mentioned this pattern on August 9th and again on the 15th when our target at 1.1300 was reached. One reason I’ve favored the EURUSD lately is the way it’s respecting key levels. It’s been relatively predictable especially when compared to something like the indecisive USDJPY. You’ll notice that channel resistance is the same as wedge resistance I’ve posted several times in recent weeks. Using a single level to draw a channel can be an excellent way to find targets when trading wedge ... (full story)