Despite high volatility, the common European currency remained stable against the Greenback on Wednesday. The general trading range for the pair was not significant, as it was fluctuating between the 23.60% Fibo at 1.2360 and the 1.2380 mark.
Given that technical indicators have already edged lower from their high positions, the Euro is likely to surrender under the bearish pressure. In addition, this currency has likewise failed to push towards the senior channel and the weekly R2 circa 1.2415. In order to confirm this decline, the pair still has to overcome the strong support of the 55-hour SMA, the 23.60% Fibo and the weekly R1 near 1.2360.
A successful breakout should send the pair towards the 1.2320 level, while a failure to do so is likely to result in a test of the senior channel
