During Wednesday, the EUR/USD currency pair tried to breach the short-term descending channel north. During today’s morning, the pair skyrocketed to the weekly R1 at 1.1028.

If the given level holds, it is likely that the exchange rate could reverse south in the nearest future. It is unlikely that the rate could drop lower than the support level formed by the 55– and 100-hour moving averages at 1.0980.

Otherwise, it is likely that the Euro could continue to extend gains against the US Dollar in the short term. Note that the currency pair would have to surpass the monthly R1 at 1.1045.

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