On Monday, the EUR/USD currency pair traded upwards within the rising wedge pattern. During today’s morning, the pair pierced the weekly R1 at 1.1901.
From a theoretical point of view, it is likely that some upside potential could prevail in the market, and the exchange rate could continue to appreciate within the given pattern. In this case the rate could target the weekly R2 at 1.1959.
In the meantime, it is unlikely that a breakout south from the pattern could occur in the nearest future due to the support provided by the 55– and 100-hour SMAs in the 1.1830 area.
