The single European currency maintained its medium-term ascending channel pattern during the past week. The currency pair appreciated about 154 base points during last week’s trading sessions.
The exchange rate re-tested the bottom border of the medium-term ascending channel pattern during the Asian session on Monday.
If the support level formed by the lower boundary of the channel pattern at 1.5925 holds, the currency exchange rate will aim at a swing high of 1.6143 during the following trading sessions.
However, if the pair passes the support line as mentioned earlier, the next target for bearish traders will be at 1.5821.
