On Friday, the EUR/USD renewed the one-year minimum located at 1.0971. During Monday morning, the pair was trading near the given level.
From a theoretical point of view, it is likely that some upside potential could prevail in the market, as the exchange rate reversed north from the lower boundary of the falling wedge pattern. However, it is unlikely that the rate could exceed the 1.1041 mark due to the resistance of the weekly PP and the 55-hour SMA.
On the other hand, note that the market is closed today in the USA due to the national holiday. Thus, the Euro could consolidate against the US Dollar near the psychological level at 1.1000 within the following trading session.
