After the breaking of the previously mapped channel down pattern, the common European currency has traded sideways against the US Dollar. However, as the consolidation occurred, a new junior channel pattern was spotted.
The pair is trading in a junior ascending channel pattern, which was set to guide the currency exchange rate up to the first weekly resistance near the 1.1720 mark.
However, in the short term the rate looked like waiting for additional support to begin the mentioned surge. The support most likely would be provided by the approaching 55-hour simple moving average, which would strengthen the support cluster near the 1.1630 mark.
