Unfortunately for the Euro, a shared border of two senior descending channels did not manage to withhold the rate from falling to the south. However, this plunge did not last for long, as the currency pair made a turnaround apparently form the 100% Fibonacci retracement level at 1.1715. Given that this barrier is additionally secured by the monthly S1 at 1.1692 and the weekly S3 at 1.1688, the further appreciation of the buck seems unlikely. On the other hand, the surge in the opposite direction is similarly obstructed by the weekly S2 at 1.1774 and the slipping 55-hour SMA. For this reason, the pair might move horizontally for some time waiting for a strong impulse, which can be provided, for instance, by release of data on the US Final GDP.
