The EUR/USD currency pair bounced off a support level formed by the 50– and 200– hour SMAs at 128.66 on Tuesday. As a result, the common European currency surged by 31 pips or 0.24% against the Japanese Yen during Tuesday’s trading session.
Technical indicators suggest buying signals on the 4H time-frame chart. Most likely, the exchange rate could continue to edge higher within the following trading session.
However, the upper line of a descending channel pattern at 129.00 could still provide resistance for the currency exchange rate within this session.
