Downside sentiment dominated the Euro against the US Dollar on Tuesday. A breakout through the lower boundary of an ascending channel occurred at the end of yesterday’s trading session.
Most likely, it is expected that the currency pair maintains the downward momentum today. However, buyers could push the price towards a resistance level formed by the weekly R1 at 126.03 within this session.
If the resistance line as mentioned above holds, a potential downside reversal is likely to occur.
