Although the recent surge of the EUR/USD currency exchange pair was mainly caused by the depreciation of the US Dollar, the push was strong enough to pass the resistance of a channel down pattern. The pattern dictated the pairs movements throughout June, and it was expected that it will continue to do so until the end of the month. However, after seven hours of continues assault, the upper trend line of the descending channel was broken. On Thursday morning the currency pair traded between the 100 and 200-hour SMAs, respectively, at 1.1162 and 1.1182. It is most likely that the rate will resume its decline, as it is expected in the medium term. However, market participants should watch out for short term surges.
