On Friday, the EUR/USD currency pair tumbled to the 1.1000 level. During today’s morning, the pair tried to surpass the 1.1020 mark.
Note, that the exchange rate has been trading within the descending channel since last Wednesday. Thus, it is likely that the rate could reverse north from its lower boundary located circa 1.0900. It is unlikely, that the rate could exceed 1.1040 due to resistance formed by the 55-, 100- and 200-hour SMAs, as well the weekly PP.
If the given channel does not hold, it is likely that a breakout south could occur in the nearest future. In this case the currency pair could face support of the weekly S1 located at the 1.0979 mark. If the given support does not hold, the pair could decline to the lower boundary of the medium-term ascending channel located in the 1.0960 area.
