Yesterday, the EUR/USD currency pair consolidated in the 1.1080/1.1100 area. During Thursday’s morning, the pair continued to trade sideways within the given area.
Note, that the exchange rate has been trading within the ascending channel since last Friday. If the given trend holds, it is likely, that the rate could maintain its consolidation in the short run.
However, note, that the pair is pressured by the 55– and 100-hour SMAs, currently located at the 1.1091. Thus, a breakout south could occur in the nearest future. A possible downside target is the 1.1040/1.1060 range.
