The EUR/USD currency pair has revealed a falling wedge pattern.
From a theoretical point of view, it is likely that the exchange rate could bounce off the upper pattern line and trade downwards in the short term. The rate could decline below the 1.2060 mark.
Meanwhile, note that the currency pair could gain support from the 55-hour SMA near 1.2090 and extend gains and breach the given pattern north. Also, the pair could try to surpass the resistance formed by the 200-hour SMA and the weekly R1 in the 1.2170/1.2185 range.
