During Tuesday morning, the EUR/USD currency pair traded within the rising wedge pattern. During today’s morning, the pair was testing the lower pattern line.
Note that the exchange rate is pressured by the 55– and 100-hour SMAs in the 1.0940 area. Thus, a breakout south could occur, and the rate could decline to the support formed by the weekly PP, the Fibo 23.60% and the 200-hour SMA at 1.0890.
However, if the given pattern holds, it is likely that a reversal north could occur, and some upside potential could continue to prevail in the market. In this case the currency pair could exceed the 1.0980 level.
