The EUR/USD has passed the resistance of a dominant descending pattern on the hourly candle chart. This occurred in a sharp surge, which began after the rate broke short term resistance.
Take into account that to properly observe the dominant pattern one needs to zoom out and load previous price info. In that way the reference points are set properly.
Meanwhile, from a fundamental perspective the surge was caused by rumors of an upcoming Federal Reserve rate cut.
In regards to the short term future, from technical theory perspective the rate could surge, if it passes the resistance of a pivot point at 1.1266.
On the other hand, after a sharp move like the one experienced on Monday, the rate should trade sideways or decline to consolidate its new price.
