During Wednesday, the EUR/USD currency pair tested the upper line of the medium-term descending channel. During today’s morning, the pair broke the given line.
It is likely that the exchange rate could gain support from the 55-hour SMA near 1.1720 and trade upwards in the short run. In this case the rate could face the resistance formed by the weekly R1 and the monthly PP in the 1.1782/1.1800 area.
If the given resistance area holds, it is likely that the currency pair could trade sideways within the following trading session.
