On Thursday, the EUR/USD currency pair reversed north from the lower line of the medium-term ascending channel. During today’s morning, the pair was testing the resistance formed by the weekly and monthly PPs, as well the 200-hour SMAs at 1.1860.
From a theoretical point of view, it is likely that some upside potential could prevail in the market in the short run, and the exchange rate could target the 1.1920/1.1940 range.
However, if the given resistance holds, it is likely that the Euro could trade sideways against the US Dollar within the following trading session.
