By the start of Friday’s European trading hours, the EUR/USD remained in the channel up pattern, which guided the rate throughout this week. By 09:00 GMT, the rate had started to test the support of the channel.
In the case of the support of the pattern failing to keep the rate up, the EUR/USD would first look for support in the 1.1915 level and the 100-hour simple moving average. Afterwards, the weekly S1 at the 1.1838 level could be targeted.
On the other hand, the support could hold, and reach for the 1.2000 mark. However, the 200-hour SMA at 1.1960 and the weekly simple pivot point at 1.1976 could provide resistance and slow down a potential surge.
