The common European currency increased volatility on Wednesday, as the US Federal Funds rate was published. Afterwards, as it was expected after a US rate hike, the EUR/USD declined. During the decline the lower trend line of a medium pattern and a support cluster at 1.1720 were passed.
In regards to the near term future, the rate most likely will be squeezed between the 1.1720 cluster and the lower trend line of a dominant pattern. If the pattern’s trend line is passed, the 1.1650 level will be reached.
On the other hand the pair might break the 1.1720 cluster and surge back up to the 1.1750 level.
