On Thursday, the EUR/USD currency pair tried to breach the short-term descending channel north. During today’s morning, the pair reversed south from the upper channel line.
From a theoretical point of view, it is likely that some downside potential could prevail in the market. In this case the exchange rate could gain support from the weekly S1 at 1.0994.
However, note that the rate has to surpass the psychological level at 1.1000. If the given level holds, it is likely that the Euro could consolidate against the US Dollar within the following trading session.
