In line with expectations, the EUR continued to advance against the USD until the pair has encountered a combined resistance level set up by the updated weekly PP and the 200-hour SMA. As a result, the currency rate has stuck near the 1.1750 level. Nevertheless, the surge is expected to continue, as the pair has no barriers on its way up until the weekly R1 at 1.1846, while from the bottom it experiences certain pressure from the 55- and 100-hour SMAs.
In the meantime, it should be noted that an area near the 1.1810 mark represents a location of the medium-term descending channel’s upper boundary, which most likely is going to turn around the exchange rate.
