On Monday, the EUR/USD currency pair declined along the lower boundary of the short-term descending channel. During today’s morning, the rate was trading at 1.1020 level.
Note that the exchange rate is pressured by the 55-hour moving average, currently located at 1.1028. Thus, it is likely that some downside potential could prevail in the market.
It is unlikely that a breakout south could occur in the nearest future, as the currency pair could gain support of the weekly S1 at 1.0992. Also, it is unlikely that bulls could prevail, and the pair could exceed the weekly PP at 1.1055.
