Apart from a 50-pip surge md-Monday, the common European currency showed no intention to leave its narrow trading range, thus leaving the market at a relative equilibrium. Even though bulls did not push higher in the previous sessions, bears nevertheless failed to take the upper hand. This suggests that bulls could still gather slight momentum and push the rate higher. A possible upside target in this case could be the weekly R1 at 1.2311. The pair’s subsequent movement should be tended south towards the upper boundary of the breached ascending channel and the 55-hour SMA circa 1.22. By and large, the US Dollar still remains weakened against its major counterparts. Thus, the Euro will continue surging until this period of value decline ends.
