On Friday, the EUR/USD currency pair traded along the upper line of the short-term ascending channel.
From a theoretical point of view, it is likely that some upside potential could prevail in the market. Note that the exchange rate could face the resistance formed by the monthly PP and the weekly R1 circa 1.17820.
If the given resistance holds, it is likely that the rate could reverse south. In this case the pair could re-test the lower channel line located in the 1.1720/1.1740 area.
