On Thursday, the EUR/USD tested the upper boundary of the falling wedge pattern at 1.1087. During today’s morning, the pair was testing the support formed by the 55– and 200-hour SMAs, as well the weekly PP at 1.1030.
If the given support holds, it is likely, that the exchange rate could reverse north to re-test the upper pattern line. If the given wedge does not hold, the rate could reach the 1.1100.
However, note that the pair has to surpass the monthly PP at the 1.1069 mark. Thus, if the given support and resistance hold, it is likely, that the Euro could consolidate against the Greenback. If the given support does not hold, the rate could decline to the 100-hour SMA at 1.1000.
