Yesterday, the EUR/USD currency pair re-tested the upper boundary of the falling wedge pattern located circa 1.1070. During Tuesday morning, the pair was testing the support level formed by the 55– and 100-hour SMAs circa 1.1040.
Note that the exchange rate is pressured by the monthly PP located at 1.1069. Thus, if the given resistance and support levels hold, it is likely that the rate could consolidate in the short term.
If the given support does not hold, it is likely that the Euro could depreciate against the US Dollar. However, note that the pair has to surpass the 200-hour SMA and the weekly PP at 1.1015.
