On Friday, the EUR/USD currency pair dropped to the weekly S1 at the 1.1343 mark. During today’s morning, the pair was testing the lower boundary of the short-term descending channel at 1.1320.
From a theoretical perspective, it is expected, that reversal north could occur within the following trading hours. Note, that the exchange rate would have to surpass the given S1, as well the 200-hour SMA at 1.1339.
From a technical point of view, it is unlikely, that a breakout south could occur in the nearest future, as the rate is supported by the monthly PP and the weekly S2, located at 1.1316 and 1.1310 respectively
