On Friday, the EUR/USD currency pair raised to the upper boundary of the short-term descending channel at 1.1215. During today’s morning, the pair reversed south.
From a theoretical point of view, it is expected, that the exchange rate could maintain its decline in the nearest future. However, it is likely, that the rate could be supported by the 55-, 100– and 200-hour SMAs, as well the weekly PP at 1.1175.
It is the unlikely case, that some upside potential could prevail in the market, and the European Common Currency could exceed the 1.1217 level due to the resistance of the monthly PP.
