EURUSD Analysis: Intraday Timeframe (1 hour) Chart Patterns

Conclusion for today’s EURUSD Technical Analysis: Price closing above 1.12605 increases the chances of continuation of current bullish price swing from 1.11106.

The 1 hour timeframe of the EURUSD is presented in this analysis with price action from the peak of 1.14471 on March 20, 2019 to current date.
The overall downtrend from the aforementioned peak in price is captured in this analysis using a falling wedge (diagonal). The ideally bullish pattern implies higher prices in the Euro against the US dollars.

1.12002 price peak on May 1, 2019 met with resistance at the upper boundary of the wedge implies waiting for the EURUSD to successfully break the wedge before going long (buy).

1.12605 is indicated as the horizontal price level to consider entry of long positions as the EURUSD would have successfully confirmed the wedge and also resistance at 1.12605 price level.

Price closing below 1.11878 does not bode well for the current uptrend and does increase the chances of the EURUSD closing below 1.11106 and re-visiting the lower boundary of the wedge.