On Monday, the EUR/USD currency pair raised to the upper boundary of the short-term ascending channel circa 1.1795.
From a theoretical point of view, it is likely that some downside potential could prevail in the market, as the exchange rate should re-test the lower channel line located in the 1.1730/1.1745 area.
If the given channel holds, it is likely that a reversal north could follow. Otherwise, the rate could break the predetermined channel and decline to the support formed by the weekly PP, the Fibo 61.80% and the 200-hour SMA circa 1.1700.
