During the previous trading session, the EUR/USD currency pair surpassed the weekly S1 at 1.1184.

During Friday’s morning, the pair was testing the lower boundary of the short-term ascending channel at 1.1160. From a theoretical perspective, it is likely, that a reversal north occurs in the nearest future. The pair could try to surpass the resistance cluster formed by the 55-, 100– and 200-hour SMAs, as well the weekly and monthly PPs in the 1.1194/1.1219 range.

However, if the given channel does not hold, it is expected, that a breakout south could occur soon. Note, that the nearest possible support level is the weekly S2 located at the 1.1132 mark.

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