The common European currency has depreciated massively against the British Pound. This decline began on October 31, after the currency pair hit the upper boundary of a downtrend line at 0.8937.
The exchange rate was trading near the bottom border of an ascending trendline at 0.8744 during the morning hours of Monday’s session and could be set for a breakout.
If this breakout occurs, the currency exchange rate could aim at April 13 swing low of 0.8622 during the following sessions.
However, a support cluster formed by the combination of the weekly and the monthly PPs near the 0.8645 area could hinder such decline to occur.
