Bulls managed to regain some of their lost positions on Thursday, as the pair bounced off the bottom boundary of the junior channel and tested the 1.2350 mark later in the day. The nearest resistance cluster formed by the 100-hour SMA and the 23.60% Fibo retracement proved to be an unbreakable barrier which sent the Euro for a slight decline.
Technical indicators demonstrate that the bullish sentiment should continue dominating in this session. However, the aforementioned resistance circa 1.2360, likewise reinforced by the 200-hour SMA, could put downward pressure on the rate once again, especially when no significant fundamentals are scheduled for today.
The Euro might even push lower just to reach the bottom boundary of the four-month channel near the 1.2250 mark.
