EUR/USD showed some volatility on Thursday but it did not leave that session’s opening level near 1.1670. Any significant leaps were restricted by SMAs on the 1H and 4H time-frames. As a result, the pair did not fully breach the upper boundary of a seven-week channel circa 1.17.
If this mark is breached in the nearest time, the Euro is likely to target the 1.1760 area where the 100-period (4H) SMA, the weekly PP and the monthly R1 are located. This level should be surpassed only if some fundamentals provides the pair with strong bullish momentum.
On the other hand, technical indicators flash bearish signals. It should be noted that the rate faces the 55– and 100-hour SMAs at 1.1640. Given the close proximity of this support, a more likely daily low should be 1.16.
