During Wednesday, the EUR/USD currency pair breached the short-term descending channel south. During today’s morning, the pair traded at the 1.1150 level.
It is unlikely, that some upside potential could prevail in the market in the short term due to the resistance cluster formed by the 55-, 100– and 200-hour SMAs, as well the weekly and monthly PPs in the 1.1169/1.1191 range.
The European Common Currency could continue to depreciate against the US Dollar. A possible downside target is the weekly S1 located at 1.1122. Otherwise, it is likely, that the exchange rate could consolidate at the 1.1140/50 level in the short run.
