On Thursday, the EUR/USD currency pair revealed a short-term ascending channel.
From a theoretical point of view, it is likely that the exchange rate could continue to extend gains within the predetermined channel in the nearest future. In this case the rate could face the resistance level—the monthly PP at 1.1782.
In the meantime, note that the currency pair is pressured by the 55-hour SMA near 1.1730. Thus, the pair could breach the given channel south and target the 1.1640/1.1660 area.
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