The EUR/USD currency pair bounced off a support level formed by the lower boundary of a descending channel pattern at 1.1765 on Monday. As a result, the common European currency surged by 55 pips or 0.46% against the US Dollar during Monday’s trading session.
As for the near future, the exchange rate could continue to edge higher. A breakout through the upper boundary of the channel pattern could occur within this session.
However, if the descending channel pattern holds, bears could drive the currency exchange rate lower today.
