On Tuesday morning a classic pattern was spotted on the hourly chart for the EUR/USD currency exchange rate. Namely, a junior descending channel pattern was spotted in the borders of the dominant ascending channel. In accordance with both of the patterns, various scenarios can occur during the next two trading sessions. Moreover, the close proximity of the simple moving averages of the hourly chart makes the situation more complex. However, in general the currency pair is most likely going to surge up to the upper trend line of the junior pattern, and it will be propelled higher by the 200-hour simple moving average. Afterwards the rate should decline down to the support line of the dominant channel.
