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On Thursday, the EUR/USD currency pair broke the short-term descending channel. During today’s morning, the pair was trading near 1.1035.

Note that the exchange rate gained support of the 55– and 100-hour SMAs at 1.1018. Thus, it is likely that some upside potential could prevail in the market. In this case the rate would have to surpass the 200-hour SMA.

If the given resistance holds, it is likely that the Euro could consolidate against the US Dollar in the short term. Otherwise, the currency pair could try to surpass the weekly PP at 1.1055.

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