Despite a positive perception of ideas expressed by the US President Donald Trump at the ASEAN summit the Dollar is continuing to lose value against the Euro in a one-week long ascending channel. Although the pattern is supported by the rising 55-, 100- and 200-hour SMAs, the upcoming rebound from the 23.6% Fibonacci retracement level at 1.1679 is likely to lead to breakout to the south. This assumption is additionally backed up by the average market sentiment, which is 63% bearish. Moreover, there is a need to take into account that today there are scheduled no fundamental events that might give the pair an impulse strong enough to bypass the above resistance, which has been managing to turnaround the rate for the last two weeks.
