On Tuesday, the EUR/USD currency pair tested the resistance formed by the weekly R1 and the Fibo 23.60% at 1.0886. During today’s morning, the pair was testing the given resistance.
Note that the exchange rate is trading near the upper boundary of the rising wedge pattern. Thus, it is likely that a reversal south could occur, and the rate could re-test the lower pattern line in the 1.0860 area.
However, if the given resistance and pattern do not hold, it is likely that some upside potential could prevail in the market. In this case the currency pair would have to surpass the weekly R2 at 1.0916.
