EUR/USD analysis: Broke upper wedge line

Dukascopy Bank Team Dukascopy Bank SA

EUR/USD

On Wednesday, the EUR/USD currency pair raised to the upper boundary of the rising wedge pattern. During today's morning, the pair broke the upper channel line.

From the one hand, it is likely that some upside potential could prevail in the market, and the exchange rate could target the weekly R1 located at 1.1080.

However, note that the rate would have to surpass the monthly PP at 1.0968. If the given resistance holds, it is likely that a reversal south could occur and the pair could test the monthly S1 at 1.0840.

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Dukascopy Bank Team

Dukascopy Bank SA

Dukascopy Bank stands as an innovative Swiss online banking institution, with its headquarters situated in Geneva, Switzerland.

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