On Wednesday, the EUR/USD currency pair tested the resistance level formed by the weekly R1 at 1.1078. During today’s morning, the pair was trading at the 1.1085 level.

Note that the exchange rate has reversed north from the lower boundary of the rising wedge pattern. Thus, it is likely that some upside potential could prevail in the market. In this case the rate could face the resistance formed by the weekly R2 at 1.1101.

If the currency pair fails to surpass the psychological level at 1.1090, it is likely that the Euro could consolidate against the US Dollar in the short term. It is unlikely that bears could prevail, and the rate could surpass the 200-hour SMA at 1.1042.

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