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EUR/USD Analysis: Reversed South

On Wednesday, the EUR/USD currency pair tested the Fibo 50.00% at 1.1454. During today’s morning, the pair resumed to trade within the short-term ascending channel.

From a theoretical point of view, it is likely that some downside potential could prevail in the market. In this case the exchange rate could target the lower channel line circa 1.1320.

Meanwhile, note that the rate could gain support from the weekly R1 and the 100-hour SMA near 1.1366. Thus, it is likely that the Euro could consolidate against the US Dollar in the short run.

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