The common European currency rose by 40 pips or 0.34% against the US Dollar on Wednesday. The currency pair breached the 55– and 100– hour SMAs during Wednesday’s trading session.
The EUR/USD exchange rate is currently trading near the upper line of a descending channel pattern and could be set for a breakout.
If the breakout occurs, a surge towards the 1.1840 area could be expected within this session.
However, if the channel pattern holds, bears could continue to drive the currency exchange rate lower during Thursday’s trading session.
