On Friday, the EUR/USD currency pair re-tested the lower line of the medium-term ascending channel. During today’s morning, the pair was testing the resistance formed by the 55-hour SMA.
If the given resistance holds, it is likely that the exchange rate could trade along the lower channel line within the following trading session.
However, if the predetermined channel does not hold, it is likely that some downside potential could prevail in the market. Note that the rate could gain support from the monthly S1 at 1.1767.
