Yesterday, the EUR/USD currency pair breached the medium-term ascending channel and declined to the support level formed by the monthly S1 at 1.1767.
Given that the exchange rate is pressured by the 55– and 100-hour SMAs near 1.1800, it is likely that some downside potential could prevail in the market in the short run. In this case the rate could gain support from the weekly S1 at 1.1743.
If the given support level holds, it is likely that a reversal north could occur. Meanwhile, it is unlikely that the currency pair could exceed the predetermined resistance.
