On Friday, the common European currency fell by 72 pips or 0.61% against the US Dollar. The currency pair was pressured lower by the 55– hour simple moving average during Friday’s trading session.
Everything being equal, the exchange rate is likely to continue to trend lower in a descending channel pattern during the following trading session. The potential target for sellers will be near the weekly S1 at 1.1712.
However, the lower boundary of the channel pattern at 1.1740 could provide support for the EUR/USD currency exchange rate in the shorter term.
