The common European currency has been trading sideways against the British Pound since April 8. The currency pair breached the lower boundary of an ascending channel pattern during this period.
Technical indicators flash buy signals on the weekly time-frame chart. Therefore, bullish traders could pressure the price towards the monthly pivot point at 0.8992 within the following trading sessions.
Although, a resistance cluster formed by the 100– period simple moving average and the weekly R1 at the 0.8784 area could provide resistance for the currency exchange rate within this week’s trading sessions.
