On Wednesday, the Eurozone single currency declined by 29 pips or 0.25% against the US Dollar. The currency pair breached the lower boundary of a descending channel pattern during the Asian session on Thursday.
All things being equal, the EUR/USD exchange rate could continue to drop within the following trading session. The possible target for sellers will be near the 1.1659 level.
However, the weekly support level at 1.1670 could provide support for the currency exchange rate within this session.
