As the title states, the common European currency is trading in a set range against the US Dollar on Monday morning. The pair was fluctuating between the support of the 38.20% Fibonacci retracement level at the 1.1188 level and the fresh first weekly resistance at the 1.1204 mark. Meanwhile, the pair is showing contradicting signals regarding its future direction. In a long term a decline of the Euro against the Buck is still expected. In regards to the short term, the pair is still trading in the borders of an ascending channel pattern. However, the upper trend line of the channel up pattern has recently been confirmed, which means that in the next 24 hours a decline of the pair might occur. The rate could fall down to the 1.1161 level. Although, there are various support levels, which could hinder the decline.
