The common European currency bounced off a long term descending channel’s resistance line against the US Dollar. As a result of the following decline the pair has recently passed the support of a medium term ascending channel. However, the decline might not continue. The reason for that is the fact that the area from 1.1395 to 1.1374 is full of support levels. All of the hourly SMAs, which are used by Dukascopy Bank analysts are located in that region. In addition, the weekly PP is stationed at 1.1388 mark together with the 23.60% Fibonacci retracement level. Due to that reason it can be expected that the currency pair will find support and not continue the decline right away. However, in accordance with the larger scale pattern the Euro should depreciate against the US Dollar
