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On April 24th the Power of the Pattern shared that the Euro looked like it was hitting a peak in prices and should turn weak in the near future. (see post here). Why did it look like the Euro was peaking 5 weeks ago? It was creating a bearish rising wedge, up against falling channel resistance and it was easy to find investors bullish the Euro (65% bulls at the time).
The chart above is an update to the Euro posting of 5 weeks ago, reflecting that the Euro is breaking support of the rising wedge after creating a bearish wick at the top of the channel.
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