On Wednesday, the EUR/USD currency pair traded downwards. During today’s morning, the pair re-tested the lower line of the medium-term ascending channel circa 1.1790.
From a theoretical point of view, it is likely that some upside potential could prevail in the market. In this case it is unlikely that the exchange rate could exceed the resistance provided by the 55– and 100-hour SMAs near 1.1900.
In the meantime, note that the rate would have to exceed the resistance level formed by the weekly and monthly PPs, as well the 200-hour SMA at 1.1860. If the given resistance holds, it is likely that the pair could consolidate.
