In accordance with expectations, the common European currency continued the surge against the US Dollar in a short-term ascending channel until it met a resistance barrier formed by the upper trend-line of a senior descending channel.
For this reason, the currency exchange rate is expected to move downwards. This course is supported by the overall market sentiment, which is 71% bearish. On the other hand, a summary of various technical indicators for the upcoming trading day sends a strong buy signal. However, both the situation and the forecasts can be altered after release of information on the German Economic Sentiment, which might slightly devaluate the Euro and accelerate the fall.
