During the early GMT trading hours of Thursday’s trading, the EUR/USD broke out of the ascending wedge pattern and passed the resistance of the weekly R2 simple pivot point at 1.0916.
By the middle of the day, the rate was heading to the weekly R3, which was located at 1.0967. In general, the rate was expected to test the resistance of the R3 pivot point.
In the case of the pivot point holding, the rate would consolidate its gains by trading sideways below the pivot point. On the other hand, if the pivot point fails, the rate would test the monthly pivot point at 1.0984.