At the end of the previous week, the EUR/USD currency pair tested the upper boundary of the short-term descending channel at the 1.1190 mark.
From a theoretical point of view, it is likely, that a reversal south should occur within the following trading hours. However, note, that the pair has to surpass the support luster formed by the 55-, 100– and 200-hour SMAs, as well weekly PP in the 1.1150/1.1167 range.
If the given support holds, it is likely, that the exchange rate could try to breach the given channel north. If id does not hold, it is expected, that the rate could reach the Fibonacci 38.20% retracement at 1.1200.
