Yesterday, the EUR/USD currency pair jumped to the upper boundary of the short-term descending channel 1.1263. During Thursday’s morning, the pair breached the given channel north.

Note, that the exchange rate is supported by the weekly PP and the 200-hour SMA, currently located at 1.1261, it is likely, that some upside potential could prevail in the market. The rate could target the psychological level at 1.1300.

However, if the given support does not hold, a reversal south could occur in the nearest future. However, it is unlikely, that the pair could decline lower than 1.1230 due to the support of the 55– and 100-hour SMAs.

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