The common European currency is continuing to advance against the US Dollar, using an upside momentum that was provided by the Jackson Hole Symposium. In result of the previous trading session, the currency rate has entered into a small ascending channel, which is expected to help the pair to surge to the 1.2000 level. Afterwards, a rebound might happen, as the further road is secured not only by the weekly R1, but also by the monthly R1 at 1.2021. The opposite side, in contrast, is protected only by the 55-hour SMA. However, there is a need to take into account an impact on the value of buck after release of information on the US CB Consumer Confidence at 14:00 GMT, which is expected to plunge to 120.9, compared to the 121.1 last month.
