On Wednesday, the EUR/USD currency pair breached the rising wedge pattern south. During today’s morning, the pair was trading at 1.0880.
It is likely that the exchange rate could be pushed down by the 200-hour SMA near 1.0890. Note that the nearest support level—the weekly S1, is located at 1.0823.
However, if the currency pair fails to surpass the 1.0860 mark, it is likely that the Euro could consolidate against the US Dollar in the short run.
Also, it is unlikely that bulls could prevail in the market, and the pair could exceed the 55– and 100-hour SMAs near 1.0935.
