EUR/CZK 1H Chart: Trades in falling wedge
The Czech Koruna has been appreciating against the Euro since the beginning of August after the pair reversed from the 2018 high at 26.14. This movement is bounded in a falling wedge.
As apparent on the chart, the exchange rate reversed from the lower pattern line at 25.43. From the theoretical point of view, it is likely that a surge towards the upper boundary of the wedge at 25.63 could happen within following trading sessions.
However, technical indicators suggest this advance might not be immediate. The pair could go down to the weekly R1 at 25.55 during next trading hours.
As apparent on the chart, the exchange rate reversed from the lower pattern line at 25.43. From the theoretical point of view, it is likely that a surge towards the upper boundary of the wedge at 25.63 could happen within following trading sessions.
However, technical indicators suggest this advance might not be immediate. The pair could go down to the weekly R1 at 25.55 during next trading hours.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.