The EUR/USD currency exchange remains predictable, as another target was reached during Tuesday’s trading session. As it can be observed on the chart, the Euro reached the support line of the medium term descending channel pattern against the US Dollar.
On Wednesday various events can be expected. First of all, a new short term ascending pattern should be spotted. Secondly, as the pair has reached above the resistance of the weekly S1, the rate will set out to test the resistance of the various hourly SMAs, which are located near the 1.1770 mark. However, it is most likely that the resistance of the simple moving averages will be passed.
