The single European currency reversed from the bottom border of an ascending channel against the British Pound seven weeks ago. As a result, the currency pair had gained about 4.40% in value during this short period.
Most likely, the exchange rate might make a brief retracement down within this week’s trading sessions. The possible target for bearish traders will be near the 100-hour simple moving average at 0.9095.
However, technical indicators flash buy signals on both the smaller and the larger time-frame charts. Therefore, the currency exchange rate might still make a slight upside movement in the coming days.
