The EUR/USD currency pair has revealed a medium-term descending channel. Yesterday, the pair reversed north from the lower channel line at 1.1740.

It is likely that the exchange rate could re-test the upper channel line located circa 1.1890 in the nearest future. If the given channel holds, it is likely that a reversal south could follow.

Meanwhile, note that the rate is supported by the 55-, 100– and 200-hour SMAs in the 1.1830 area. Thus, a breakout north could occur, and the pair could target the weekly R1 at 1.1926.

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