EUR/USD analysis: Skyrocketed to 1.0950

EUR/USD analysis: Skyrocketed to 1.0950

EUR/USD

On Monday, the EUR/USD currency pair skyrocketed to the 1.0920 level. During today’s morning, the pair pierced the upper line of the rising wedge pattern and face the resistance level—the weekly R2 at 1.0952.

If the given resistance level holds, it is likely that a reversal south could occur in the nearest future. In this case the exchange rate could gain support from the weekly R1, the monthly PP and the Fibo 23.60% in the 1.0886/1.0908 area.

Otherwise, it is likely that the Euro could continue to appreciate against the US Dollar in the nearest future. Note that the nearest resistance level—the weekly R3, is located at 1.1008.

EURUSD

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