On Wednesday, the EUR/USD currency pair traded down, trying to surpass the psychological level at 1.1150. During today’s morning, the pair declined to the lower boundary of the short-term descending channel located circa 1.1137.
Note, that the rate is pressured by the 55– and 100-hour SMAs, currently located circa the 1.1160 mark. Thus, is unlikely, that a reversal north could occur in the following hours.
From the one hand, the exchange rate could countinue to decline, trading along the lower channel line in the 1.1135/1.1130 range. However, if the given channel does not hold, it is likely, that the rate could decline to the 2018/2019 minimum at 1.1124.
