On Tuesday, the EUR/USD currency pair pierced the upper line of the rising wedge pattern and reached the weekly R2 at 1.1959. During today’s morning, the pair was consolidating near the given level.
If the predetermined resistance holds, it is likely that some downside potential could prevail in the market. In this case the exchange rate could decline to the 100-hour SMA near 1.1870.
In the meantime, note that the rate could gain support from the 55-hour SMA and the weekly R1 at 1.1901. Thus, it is likely that the Euro could consolidate against the Greenback in the short run.
