EUR/USD Technical Analysis: Breaking out of a falling wedge as US midterm elections stat flowing in

• The EUR/USD pair is currently trading at a session high of 1.1465 and is witnessing a falling wedge breakout – bearish-to-bullish trend change – on the daily chart.
• The bullish pattern is backed by a positive cross between the 5-day and 10-day simple moving averages (SMAs), ascending (bullish) 50-, 100-, and 200-hour SMAs, and higher lows pattern on the hourly and 4-hour chart.
• The indicators are also biased toward the bulls. For instance, the MACD is rising on the 4-hour chart and the RSI is printing bullish levels above 60.00.
• The currency pair looks set to test the psychological level of 1.15.
• The greenback is being offered across the board in Asia. As per the latest reports, Democrats Stephanie Murphy has won re-election to the US House in Florida’s 7th Congressional District. It is worth noting that a Democrat majority in both Chambers is seen as a USD-negative outcome.

Daily Chart

Hourly Chart

Trend: Bullish