EURUSD potential ascending wedge breakdown on hourly
The EURUSD daily candlestick chart (left) is positioned in its weak channel, between the lower blue and red bands. It was pushed back into the soft area after moving out.
The hourly chart (right) shows a breakdown from an ascending wedge pattern (blue converging lines) at the central pivot resistance. This pattern shows the pressure is to the downside. The trend-following EMAs and momentum based stochastic are looking to cross in response.
The EMAs crossing and building angle and separation to the downside will imply a bearish underlying momentum.
Russell Shor
Senior Market Strategist
Russell Shor is a Senior Market Strategist at FXCM, having been promoted to the role in 2025 in recognition of his depth of insight and consistent delivery of high-impact market analysis. He originally joined FXCM in October 2017 as a Senior Market Specialist.
Russell holds an Honours Degree in Economics from the University of South Africa, is a certified FMVA®, and a full member of the Society of Technical Analysts (UK). With over 20 years of experience in financial markets, his work is renowned for its clarity, precision, and strategic value across asset classes.
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