The Euro is continuing to advance against the American Dollar in a rising wedge pattern. In the middle of Monday the currency pair created a second confirmation point for the bottom trend-line that is located slightly above the combined support level set up by the weekly PP, the 100% Fibonacci retracement level and the 55-hour SMA near 1.1714. Due to the 93-pip surge, the rate has easily bypassed the weekly R1 at 1.1815 and reached the pattern’s upper boundary. Most likely, today the pair will try to get back to the 1.1789 and then 1.1749 levels, provided that it will manage to cross the above weekly R1. However, if experts’ prognoses about the US ISM Manufacturing PMI will be confirmed, the pair might end the day in the opposite direction, i.e. near the weekly R2 at 1.1878.
