As it was expected the common European currency continued its decline against the US Dollar in the previous 24 hours. However, on Wednesday morning a short lived climb of the Euro against the Greenback was expected. Due to the fact that the pair found support and rebounded against the combined support of the weekly S1 at 1.1120 and monthly PP at 1.1117 the rate began to surge. It is highly likely that the pair will reach for the upper trend line of the short term descending channel pattern. The trend line is strengthened by the resistance of the 55 and 100-hour SMAs. Although, the exact level, where the trend line could be reached is unclear. Afterwards it can be expected that the surge of the Buck will continue.
