On Wednesday, the EUR/USD currency pair broke the falling wedge pattern north. During today’s morning, the pair was trading near 1.0980.
It is likely that the exchange rate could gain support from the 55-hour SMA and the weekly R2 at 1.0952 and trade upwards in the short run. In this case the rate would have to surpass the weekly R3 at 1.1008.
If the given resistance level holds, it is likely that the Euro could trade sideways against the US Dollar in the short term. Otherwise, it is likely that the pair could target the 1.1020/1.1040 area
