On Thursday, the EUR/USD currency pair declined to the lower line of the falling wedge pattern circa 1.1180. During today’s morning, the pair reversed north.
Note that the exchange rate remains under pressure of the 55-hour SMA near 1.1230. Thus, some downside potential could prevail, and the rate could decline to the weekly S1 at 1.1172.
Meanwhile, note that the currency pair could gain support from the Fibo 38.20% at 1.1200. If the given level holds, it is likely that the Euro could consolidate against the US Dollar in the short run.
