On Monday, the EUR/USD currency pair traded sideways along the lower boundary of the short-term ascending channel. During today’s morning, the pair breached the given channel south.
Note, that the exchange rate is pressured by the 55-, 100– and 200-hour SMAs, currently located in the 1.1220/1.1240 range. Thus, it is likely, that some downside potential could prevail in the market. The rate could face the support of the weekly S2 at 1.1152.
On the other hand, the pair could trade sideways around the weekly S1 at the 1.1187 mark. Also, it is unlikely, that bulls could prevail in the market, and the rate could exceed the monthly S1 at 1.1220
