The common European currency surged by 88 basis points or 0.76% against the Japanese Yen on Tuesday. The currency pair breached thee 50– and 100– hour SMAs during Tuesday’s trading session.
The exchange rate will most likely continue to trade bullish within this session. A breakout through the upper boundary of a descending channel pattern could occur.
However, technical indicators suggest that the currency exchange rate might continue to trade in the descending channel pattern during the following trading session.
