On Wednesday, the EUR/USD currency pair tested the upper boundary of the short-term ascending channel at 1.1160. During today’s morning, the pair was trading near the given 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 of the 55-, 100– and 200-hour SMAs, as well the weekly PP in the 1.1132/1.1139 area.
On the other hand, the currency pair could gain support of the monthly PP at 1.1153, and the Euro could consolidate against the US Dollar within the following trading session.
