The previously observable dominant descending patterns on the EUR/USD chart were removed on Tuesday, as the surging momentum of the rate has managed to break both of them.
Meanwhile, the rate continues to surge in the borders of a medium scale ascending pattern, which, together with the 55 and 100-hour simple moving averages, has provided the rate with the needed support. Namely, the rate has surged up to the resistance of a monthly pivot point near the 1.1690 level.
On Tuesday, the rate was consolidating its previous gains and waiting for the 55 and 100-hour SMAs to catch up before continuing the surge.
