Since Wednesday, the EUR/USD currency pair has been testing the resistance formed by the weekly R1 and the monthly PP circa 1.1782.
Given that the exchange rate continues to trade within the short-term ascending channel, it is likely that some upside potential could prevail. In this case the rate could target the upper channel line circa 1.1820.
However, if the given resistance holds, it is likely that the currency pair could gain support from the 100-hour SMA near 1.1760 and trade sideways within the following trading session.
