Tuesday’s trading session lacked volatility, as various moving averages were limiting strong up– or down-moves. The pair, however, still remains trading in a minor descending channel which is a part of a senior symmetrical triangle.
The pair’s movement today should depend on its ability to breach the important support cluster located at 1.1680. If this barrier is breached, the Euro is expected to move closer to the senior pattern line and the weekly S1 near 1.1620. The Euro’s movement in the senior pattern and technical indicators support this bearish scenario.
On the other hand, resistance should be found at the weekly R1 at 1.18. By and large, this session could be relatively calm, as no significant data releases are scheduled for today.
