Yesterday, the EUR/USD currency pair breached the long-term descending channel north. During Wednesday’s morning, the pair was testing the 1.1280 level.
Note, that the 100-period moving average is located at the given level on the 1D time frame. If the given resistance holds, it is expected, that the exchange rate could trade sideways between the given level and the monthly R1 at 1.1254.
If the given moving average does not hold, it is likely, that the rate could maintain its growth. A possible upside target is the resistance level—the weekly R3 at 1.1317.
From a technical perspective, it is unlikely, that the pair could drop lower than the 1.1235 in the short term due to the support of the 55-hour SMA
