Autochartist Forecast

Most intraday charts are susceptible to the ebb and flow of daily psychology.  Fear and greed will also move any pair.  However, stepping out to a longer time frame like a 240 minute chart allows for larger trend trading without being shaken out by short term volatility.

The Continuation Rising Wedge formation on the 240 minute EUR/USD broke lower as the U.S. Dollar Index rallied with Monday's equities sell-off. The support (S) of the uptrend line broke the mark up cycle (C) within which this time frame has been trending higher.  The uptrend line break signals a shift from bulls to bears as the 1.5000 major psychological level is broken to the downside. 

Normally a trend follow would trigger as prices trade at or near the bottom of an up trending chart pattern. However, with a low Initial Trend (T) there is more reason to consider the reversal or stall scenario because of less trend conviction.