The previous long term support line continued to provide resistance to the currency exchange rate in the previous trading session, as it stopped a rebound of the EUR/USD pair.
On Friday morning the currency pair was declining after the encounter of the just mentioned resistance line. It was about to face the support of the 55-hour SMA, which as located near the 1.1750 mark.
Meanwhile, the main focus should be on the fact that an ascending channel pattern was revealed during Thursday’s trading session. The pattern’s lower trend line provides guidance for the ones, who want to know, where a rebound will occur.
