On Tuesday, the EUR/USD currency pair breached the medium-term descending channel south and touched 1.1680.

It is likely that some downside potential could prevail in the market, as the exchange rate could be pressured by the 55-hour moving average near 1.1750. In this case the rate could face the support level—the weekly S2 at 1.1664.

If the predetermined support level holds, it is likely that the Euro could trade sideways against the US Dollar within the following trading session.

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