On Tuesday, the EUR/USD currency pair raised to the upper line of the short-term ascending channel at 1.1410. During today’s morning, the pair broke the given line.
It is likely that the exchange rate could face the resistance of the Fibo 50.00% at 1.1454 and reverse south in the nearest future. In this case the rate could decline to the support area formed by the 55– and 100-hour SMAs, as well the weekly R1 in the 1.1340/1.1366 area.
Meanwhile, note that the currency pair could gain support from the monthly R1 at 1.1404. Thus, it is likely that the Euro could trade sideways against the US Dollar in the short run.
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