On Thursday, the EUR/USD exchange rate declined to the lower boundary of the medium-term descending channel at 1.1120. During Friday’s morning, the rate started trade up.
It is expected, that some upside potential could prevail in the market. However, important resistance cluster to look out for is a combination of the 55-hour SMA, the weekly S2 and the Fibo 62.00% in the 1.1160/1.1178 range.
On the on the other hand, the currency pair could trade sideways around the psychological level at 1.1140, supported by the lower channel line and the weekly S3 located at the 1.1112 mark.