On Tuesday, the EUR/USD currency pair consolidated at the 1.1050 level. During today’s morning, the pair declined to the 1.1030 mark.
Note that the exchange rate reversed south from the upper boundary of the falling wedge pattern. Thus, it is likely that some downside potential should prevail in the market in the short run. In this case the rate could face gain support from the 200-hour SMA and the weekly PP at 1.1015.
If the given support level holds, it is likely that the Euro could continue to trade sideways against the US Dollar within the following trading session. It is unlikely, that the pair could exceed the 1.1040 level due to the resistance formed by the 55– and 100-hour SMAs.
