On Tuesday, the EUR/USD currency pair breached the medium-term falling wedge pattern north. However, the pair failed to exceed the 1.1340 level and reversed south.
It is likely that the exchange rate could be pushed down by the 100– and 200-hour moving averages near 1.1250. Note that the rate could gain support from the Fibo 38.20% at 1.1200.
If the given support holds, it is likely that the Euro could consolidate against the US Dollar in the short run. Otherwise, it is likely that the pair could target the 1.1160/1.1180 area.
