On Tuesday, the EUR/USD currency pair tested the upper boundary of the falling wedge pattern. During today’s morning, the pair was testing the resistance provided by the 55-hour SMA at 1.1091.
If the given moving average holds, it is likely that some downside potential could prevail in the market. In this case the exchange rate could gain support of the weekly and monthly S1s in the 1.1060 area.
It is unlikely that a breakout south from the given pattern could occur in the nearest future due to the resistance formed by the 100-hour SMA, currently located at 1.1106.
