On Tuesday, the EUR/USD currency pair re-tested the lower boundary of the short-term descending channel at 1.1000. During today’s morning, the pair was trading downwards.
Note that the exchange rate is still pressured by the 55-hour moving average, currently located at 1.1017. Thus, the rate could continue to go downwards along the lower channel line in the short run.
However, note that the currency pair could gain support of the weekly S1 at 1.0992. If the given level holds, the Euro could consolidate against the Greenback. It is unlikely that bulls could prevail, and the pair could exceed the 100-hour SMA at 1.1032.
