The Eurozone single currency bounced off the lower boundary of a descending channel pattern at 122.50 during Thursday’s trading session.
Currently, the exchange rate is stranded between SMAs. The 100-hour simple moving average was providing resistance for the pair at 123.48, while the 50-hour SMA provided support at 123.16.
Most likely, a breakout from the moving averages is likely to occur during the following trading session.
A surge towards a resistance cluster formed by the 200-hour simple moving average and the weekly S1 at 124.08 will be the target for the Euro today.
