EUR/USD: Trading in a narrowing wedge

EUR/USD Monday's four-hour chart is pointing to a narrowing wedge, Yohay Elam, an analyst at FXStreet, informs.

Key quotes

“EUR/USD is setting lower highs and higher lows – trading in a narrowing triangle, or wedge. Momentum on the four-hour chart is pointing to the downside and the currency pair is trading below the 50, 100, and 200 Simple Moving Averages.” 

“Some support awaits at 1.0790, a low point on Friday. It is followed by May's low of 1.0765.”

“Immediate resistance is at the daily high of 1.0830 and followed by 1.0850, a swing high from last week that also converges with the 100 SMA.”