As it was expected, previous trading session the currency exchange rate spent in an upward movement that was inspired to some extent by a combination of the weekly PP together with the 100- and 200-hour SMAs, but mostly by a speech delivered by Mario Draghi in the early morning. The only unexpected thing was that the pair managed to cross the upper boundary of a senior descending channel.
On the other hand, this overstepping had a short-term effect, which means that the pair might return back into formation. However, an aggregate of technical indicators for the 5H and 1D timeframes suggests that the rate is going to continue the surge. In the meantime, market sentiment stays 70% bearish.
