On Thursday, the EUR/USD currency pair raised to the upper line of the medium-term channel at 1.1090. During today’s morning, the pair breached the given channel north.
It is likely that the exchange rate could gain support from the weekly R2 and the monthly R1 in the 1.1100 area. Thus, some upside potential could prevail in the market.
Note that the rate could face the resistance area formed by the Fibo 38.20%, the weekly R3 and the monthly R2 in the 1.1200/1.1220 range.
Meanwhile, it is unlikely that bears could prevail in the market, and the pair could decline below the 55-hour SMA and the weekly R1 in the 1.1015 area.