Is EUR/USD Downside Over?

EUR/USD has formed fresh 52 week (1 year) lows, and is now pressing to the upside. Price appears to be breaking out of the current descending wedge pattern, a bullish chart pattern. The horizontal blue dotted lines mark the 52 week trading range. With Price action, the RSI, and the ADX all moving to the upside technical traders must ask themselves “is this a new bull market forming?”.

EURUSD 1D Chart, 19 October, 2021.

1H EURUSD Chart

The 1H chart shows price to currently be ranging between resistance at the 1.16200 level and support at 1.15800. Price is also capped by trendline resistance, which is holding the pair down. To trade this pair in either direction traders could simply sell the trendline, or wait for a clear break of the current range and trade with the trend.