The bulls had their moment — a violent push to 1.08 left the bears scrambling. But the euphoria didn’t last long. Now price is slowly being strangled inside a descending wedge, each rally weaker than the last, each high lower than the one before. The smart money is quietly fading every bounce.
1.0429 is the line in the sand.
This level has held before and the market knows it. A clean break below flips the script entirely — no meaningful support until the major demand zone sitting at 0.9515, where the real buyers are waiting. That’s not a small move.
On the flip side, if the bulls find their footing here and break back above the wedge, the road to 1.14+ opens up fast. No overhead resistance. Clean air.
Two scenarios. One key level. The wedge is tightening and a decision is coming sooner than most expect.
Watch 1.0429. Everything plays out from here.