Yesterday, the EUR/USD currency pair skyrocketed to the 1.1280 level and reversed south. During Friday’s morning, the pair was testing the support cluster formed by the 55-, 100– and 200-hour SMAs, as well the weekly PP in the 1.1236/1.1250 range.

If the given support holds, it is expected, that the exchange rate could reverse north in the nearest future. In this case, the rate could re-test the upper boundary of the short-term ascending channel located circa 1.12850

Otherwise, it is likely, that the pair could continue to decline. Note, that the rate could reach the lower channel line, as well the Fibonacci 38.20% retracement at the 1.1200 mark.

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