The common European currency for the first time during the week did not follow in accordance with the forecast against the US Dollar on Thursday. As a result the short term situation was reviewed.
During the last 24 hours the pair declined to once more reconfirm the lower trend line of the medium term descending channel pattern. Moreover, it reached the long term target of 1.1670. Afterwards, the pair rebounded and began and surged above the weekly S1 at 1.1725.
It is most likely that the pair will continue to surge on Friday until it reaches the various resistance levels near the 1.1750 mark.
