The EUR/USD currency pair has revealed a medium-term ascending channel. During Thursday morning, the pair was testing the weekly R1 at 1.1010.

Note that the exchange rate is supported by the 55-hour SMA near 1.0980. Thus, it is likely that some upside potential could prevail in the market. In this case the rate could target the upper channel line circa 1.1080.

However, if the given resistance holds, it is likely that the Euro could consolidate against the US Dollar. If the given support does not hold, the pair could decline to the 100– and 200-hour SMAs near 1.0940.

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