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EUR/USD Breached Channel Pattern

The common European currency has edged higher by 41 pips or 0.35% against the US Dollar since this week’s trading sessions. The currency pair breached the 55- and 100- hour SMAs this week.

By and large, the exchange rate could end this week on a decline. Though, given that the EUR/USD pair has breached the upper line of a descending channel pattern, buyers might pressure the price higher during the following trading session.

However, the resistance level at 1.1770 could still provide resistance for the currency exchange rate within this session.