The common European currency has continued to edge lower in a descending channel pattern against the British Pound. The currency pair declined by 197 pips or 2.18% during last week’s trading sessions.
Everything being equal, the exchange rate is likely to continue to trend in the descending channel pattern during the following trading sessions. Bears could target the weekly support level at 0.8867.
However, given that the currency exchange rate is currently trading near the upper line of the channel pattern, a breakout could occur within this week’s trading sessions.
