A breakout occurred through the upper boundary of a four-week descending channel pattern at 1.5774. The 50– and 100-hour SMAs are currently providing support for the currency pair at 1.5756.
Given that a breakout had occurred, most likely, the single European currency will aim for a resistance level formed by the 200-hour simple moving average at 1.5863 during the following trading sessions.
Although, the weekly pivot point at 1.5817 could provide resistance for the currency exchange rate in the short-term.
