Due to the fact that the EUR/USD pair was not jumping in the free range up to the combined resistance of the monthly R2 at 1.1546 and the upper trend line of the massive scale descending channel pattern at 1.1550, a review of the short term situation was done. As a result of the review a rather weak short term ascending channel was discovered. In accordance with the pattern it is likely that that the 1.15 mark will be reached by the end of the day’s trading session. In addition, the rate could be at the 1.1550 mark during the first half of next week. However, it could be observed during the late hours of Thursday’s trading and early hours of Friday that the 1.1450 level was providing resistance in itself.
