On Wednesday, Euro edged lower by 79 pips or 0.65% against the US Dollar. A breakout occurred through the lower boundary of an ascending channel pattern during Wednesday’s trading session.
Given that a breakout has occurred, sellers could continue to pressure the exchange rate lower during the following trading session. The possible target for bearish traders would be near the 1.2140 area.
However, the weekly pivot point at 1.2185 could provide support for the EUR/USD currency exchange rate in the shorter term.
