EUR/USD introduced no changes to its overall price level on Thursday, as it remained fluctuating between the 38.20% Fibo retracement and the monthly PP in the 1.2225/89 area. Meanwhile, the Euro has reached the bottom boundary of both the junior and senior channels. The latter was formed late in October. According to technical indicators, some upside potential still exists. Also, the rate should accelerate northwards in line with the prevailing channels. However, the combined resistance of the monthly PP and the 55-hour SMA circa 1.23 is likely to hinder the Euro for some time or even halt its movement up. In case this area is breached, the ultimate high for the given session should be the 100-hour SMA and the 23.60% Fibo near 1.2350. Bottom limit for today— the weekly S3 at 1.2170.
