The EUR/USD passed the support of the 1.1850 marks and the previous June low level. In addition, a channel down pattern was spotted on Thursday morning, which has guided the rate since June 25 when the rate hit a weekly high level.
In the near term future, the rate was expected to continue to decline in the borders of the pattern. Although, it can happen in more than one way.
The pair could trade sideways until it reaches the upper trend line of the channel down the pattern and the 55-hour simple moving average catches up with the rate and provides resistance. Meanwhile, note that any kind of decline would have no support besides the lower trend line of the pattern. Namely, the pair could reach the 1.1800 marks without finding support.
