The common European currency has been trading in a long-term descending channel against the Swiss Franc. This movement began after the currency pair reversed from the upper boundary of the channel pattern at 1.1873 on May 15.
However, the exchange rate has increased its trading range during the past few weeks. Currently, the pair is trading near the up border of the long-term descending channel at 1.1450 and could be set for a breakout.
If a support cluster formed by the 50-hour SMA and the weekly pivot point at 1.1405 holds, the next target for the currency exchange rate will be 1.1484 during the following trading sessions.
