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At mid-day on Friday, the EUR/USD passed the resistance zone above the 1.1860 level and the 200-hour simple moving average. By doing so, the price passed the last technical resistance up to the 1.1923 level where the weekly R1 simple pivot point is located at.
Moreover, 4 hourly MACD has diverged in favor of the bulls. MACD histograms has produced higher lows, contradicting lower lows on the price chart. That bullish divergence indicates a potential for a corrective bounce which confirms the reversal chart pattern formation (a falling wedge) after a breakout of the pattern.
In theory, the currency exchange rate is expected to surge up to the weekly R1 simple pivot point at 1.1923. However, note that the price could find resistance at the round level of 1.1900.
On the other hand, a potential decline would find support in the weekly simple pivot point at 1.1852 and near the swing low.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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