Time to Short EUR/USD? – Looking at the chart of the overall EURUSD, the weekly chart shows a Rising Wedge formation. This really is natural for a retracement and actually forecasts a forthcoming downward reversal. The Bearish Engulfing pattern highlighted is very powerful but we need to see the close of the current candle for that to be verified. If the formation materializes, however, there is a good chance that it will be followed by a break of the wedge bottom (now at 1.4706), at which point we will look to enter short targeting near the 1.45 mark.
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