In the second half of Thursday’s trading session the Euro declined below the lower trend line of a dominant pattern against the US Dollar. Namely, the rate dropped below the support of the large scale triangle pattern.
The move occurred in consistency with the junior descending channel pattern, which was revealed on Thursday.
In regards to the future, if the rate passes the support at 1.1580, it is set to fall down to the weekly S2 at the 1.1550 mark. However, the descending channel is too narrow to remain in force and a braking of its upper trend line might happen.
