The common European currency has been trading in a one-month descending channel pattern against the British Pound. The currency pair tested the 0.9000 mark during last week’s trading session.
Currently, the exchange rate is trading near the upper line of the one-month descending channel and could be set for a breakout.
If the breakout occurs, a surge towards the 0.9200 level could be expected during the following trading sessions.
However, if the channel pattern holds, bears would continue to dominate the currency exchange rate within this week’s trading sessions.