On Tuesday, the common European currency fell by 28 pips or 0.24% against the US Dollar. The currency pair tested the weekly S1 at 1.1712 during Tuesday’s trading session.
Currently, the EUR/USD exchange rate is trading near the upper boundary of a descending channel pattern and could be set for a breakout.
If the breakout occurs, a surge towards the resistance level at 1.1776 could be expected within this session.
However, if the channel pattern holds, the currency exchange rate would continue to trend lower in the descending channel during the following trading session.
