Descending Wedge Setup on EURUSD
This is the tail end of a descending wedge formed by the daily chart. The flags represent the halfway point (July 26th)and 3/4 point (August 11th) of the triangle, which is where most traders traditionally expect to break out or break down. The wedge is in play until the Apex on August 30th. The white lines are monthly support levels, the center green line is the center of the triangle and the outer green lines are their targets depending on where the break happens. Not all descending wedges break up, but they tend to do so. Price action has leveled out just prior to the traditional breakout point albeit with lots of volatility. The key will be looking for decision points made along the way in terms of volume, but that's a topic for another chart.
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