EUR/USD is trading close to 1.2140, representing marginal gains on the day.
The 4-hour chart shows a falling wedge breakout on the 4-hour chart, a bullish reversal pattern. The pattern indicates the corrective pullback from highs near 1.2350 has ended, and the bulls have regained control.
The breakout is backed by a double bottom bullish breakout on the 4-hour chart Relative Strength Index. On the way higher, the pair may encounter resistance at 1.2178 and 1.2223.
Tuesday’s low of 1.2074 is the level to beat for the bears.
Trend: Bullish